The CSO also saw financial contributions to the annual fund grow by nearly 4% to $17.9 million, while an additional $14 million was raised for the endowment and special funds, according to the Sun-Times.
The orchestra also reduced its projected million-dollar deficit for the 2006 fiscal year to $737,000 on operating expenses of $56.3 million. The endowment, meanwhile, rose to more than $200 million for the first time in the CSO's history, reaching $202 million, according to the paper.
Outgoing board chairman William H. Strong, who is managing director and vice chairman of investment banking at Morgan Stanley, and CSO Association president Deborah R. Card said the numbers indicate that the orchestra should be able to meet its five-year goal of reaching a balanced budget this season, according to the Sun-Times.
Strong, who was succeeded at the meeting as board chairman by William A. Osborn, chairman and chief executive officer of Northern Trust Corp., will continue in his capacity as chairman of the music director search committee responsible for finding a replacement for Daniel Barenboim, who gave his last concert with the CSO on June 17, according to the paper.