Canadian Opera Company Balanced Budget by Taking Funds From Opera House

Classic Arts News   Canadian Opera Company Balanced Budget by Taking Funds From Opera House
 
The Canadian Opera Company achieved a balanced budget for 2003-04 only by transferring C$1.4 million from funds donated for its new opera house, the Toronto Globe and Mail reports.

The transfer was not mentioned in a press release issued Friday, December 3, about the company's financial results.

Lindy Cowan, the company's director of finance and administration, said that donors were aware of the transfer.

"Ever since the big cuts to our government funding in the mid-90s, we've always has a $1-million gap between expenses and revenue, no matter what we've done," she told the Globe and Mail. Cowan added that the company expected to use up to C$3 million of opera house funds for operations over the next two years.

The company's C$181 million Four Seasons Centre for the Performing Arts is scheduled to open in 2006.


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