In Friday’s (12/7) Star-Tribune, Graydon Royce writes, “As expected, the Minnesota Orchestra has posted an operating deficit of $6 million for fiscal 2012. It is the largest deficit in the orchestra’s 110-year history and twice as large as last year’s shortfall. The news was presented at a closed meeting of the board of directors Thursday. … Amid the bad news came the unrelated bright spot that the orchestra, with music director Osmo Vänskä, was nominated for a Grammy Award Wednesday night. The orchestra’s first CD of its cycle of all the Sibelius symphonies was nominated for best orchestral performance. The financial results released Thursday cover the year ended Aug. 31—a full month before musicians were locked out for rejecting a board proposal that would cut their salaries by roughly one-third. … Earned revenue of $8.5 million, which includes ticket sales and other income, dropped $600,000 from 2011 and is 22 percent lower than its recent peak in 2009. Contributed revenue of $12.6 million was about flat from last year. The third leg of revenue is a draw from the orchestra’s endowment. That figure was $4.47 million, for total revenue of $25.5 million. Fiscal 2012 expenses of $31.5 million were up from the previous year but have declined since their 2009 peak. … There are no negotiations scheduled between the board and musicians. The bargaining is being handled under the auspices of the federal mediation office.”
Posted December 7, 2012
