Minnesota Orchestra announces balanced budget

Posted on: September 11, 2015

“The Minnesota Orchestra announced Thursday that it balanced its budget for fiscal 2015,” writes Graydon Royce in Friday’s (/11) Star Tribune (Minneapolis). “It was an unusual step to share unaudited results—normally, figures aren’t announced until the December annual meeting—but the orchestra has surfed on a spate of good news since ending a 16-month lockout  … [Recent activity] includes a historic trip to Cuba in May, new contracts for players and music director Osmo Vänskä, and a return to recording. ‘There have been a lot of questions about the Minnesota Orchestra being able to do all these things—programming, the Cuba trip, rebuild artistically—but can we balance the budget?’ said CEO and President Kevin Smith. ‘The reason we wanted to announce is that we hope this builds confidence in the community and in the organization.’ The orchestra opens its season Friday and Saturday with concerts featuring Vänskä and Broadway singer Audra McDonald. The orchestra spent $30.6 million in the fiscal year that ended Aug. 31, which makes it the largest performing arts organization in Minnesota. Fundraising accounted for $14.8 million in revenue. Earned revenue was $8.1 million and $7.7 million was drawn from investments.”

Posted September 11, 2015