In Friday’s (12/14) Detroit News, Michael H. Hodges writes, “On balance, the Detroit Symphony Orchestra’s finances did better than anticipated over the past year, according to figures released Thursday afternoon at the annual meeting of the orchestra’s board of directors. While the DSO is still running a $2.81 million operating deficit, that figure is $200,000 lower than the $3.02 million projected at the beginning of the year. Contributed revenue came in somewhat higher than expected at $13.01 million. On the other hand, expenses were somewhat higher than projections. Estimates had pegged operating expenses at $25.49 million, but the actual figure turned out to be $25.58. Also helping a generally positive picture was the resolution of the DSO’s $54 million bond with a consortium of banks, a deal that took that debt off the orchestra’s balance sheet. Because of a confidentiality agreement with the banks, however, the nature of the deal has never been revealed.”
Posted December 14, 2012
