Pittsburgh Symphony expects deficits for 2010 and 2011

Posted on: July 27, 2010

In Tuesday’s (7/27) Pittsburgh Tribune-Review, Bill Zlatos reports, “Facing its ‘most difficult financial year in decades,’ the Pittsburgh Symphony Orchestra is proposing a budget with an $876,000 deficit next year—its third consecutive year in the red. The orchestra foresees fiscal year 2011 as the most problematic in decades because of less money from public sources and a reduced endowment draw as a result of the weak economy, wrote symphony President Lawrence J. Tamburri in his application to the Allegheny Regional Asset District for sales tax proceeds. … The finance committee of the symphony’s board proposed a budget of nearly $31.7 million against revenue of more than $30.8 million. The full board is expected to adopt the budget next month, Tamburri wrote. In an interview Monday, board Chairman Richard P. Simmons said the state cut its funding from $2.5 million a year to probably $750,000 and RAD cuts its allocation from $1 million to $900,000. … Symphony officials expect a deficit of $2 million in 2010 and no improvement until 2011-12. The group’s fundraising campaign, Commitment to Excellence, helped keep it afloat during the economic downturn. To date, the symphony raised $59 million and is on pace to surpass its original $80 million goal, Tamburri wrote.”

Posted July 27, 2010