In Tuesday’s (5/24) Chicago Tribune, John von Rhein reports, “Lyric Opera of Chicago continues to sing a happy tune. Sizable cash reserves established in 2005 by a prescient board of directors are why. For the second straight year, the company dipped into its Campaign for Excellence Fund—this time to the tune of about $4.4 million—so that it could balance the books and finish another fiscal year in the black. Ticket revenue of $23.8 million for the season (68 regular performances plus two student matinees and one subscriber-appreciation concert) covered less than half of Lyric’s $53.7 million in operating expenses at the 3,500-seat Civic Opera House. A total of 229,775 tickets were sold during the 2010-11 season. The fundraising goal for next year has been increased to $20.6 million, with operating expenses projected at $57.4 million. … Lyric sold 91 percent of its seating capacity for the eight-opera season that ended March 27. The company also surpassed its $17.2 million fundraising goal, said officials.”
Posted May 25, 2011
