Minnesota Orchestra reports record-breaking deficit of $6 million

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The board of directors meeting Thursday reported that the orchestra had an operating deficit of $6 million for the last fiscal year, which is the largest deficit in the orchestra's history and double the deficit from last year, the Star Tribune said.

This announcement comes at a time when the orchestra musicians are locked out due to contract negotiations. Officials blame this deficit on a decrease of revenue and a contractually obligated increase, the Pioneer Press said.

"We largely honored a five-year contract from our players which saw substantial raises across that five-year period," Minnesota Orchestra president and CEO Michael Henson said, the Minnesota Public Radio News said.

Brian Shapiro, an accounting professor at the University of St. Thomas said that the orchestra greatly needs funding, the Star Tribune said.

"This board really needs another $100 million in the endowment to fully fund musicians," Shapiro said to the Star Tribune.

Hansen said that the board said that the Twin Cites community can pay and support for this orchestra, the MPR News said.

"We are here for the art, and that has got to be what drives us forward," Hansen said to the MPR News.

While the orchestra is facing this deficit, the organization received a Grammy nomination for Best Orchestral performance for its recent recording of the Sibelius Symphonies with Osmo Vanska conducting, the MPR News said.

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This page contains a single entry by takik001 published on December 6, 2012 7:31 PM.

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