Cleveland Orchestra Posts $5.9 Million Deficit

Classic Arts News   Cleveland Orchestra Posts $5.9 Million Deficit
The Cleveland Orchestra posted an operating deficit of $5.9 million on a budget of $39.9 million in 2004-05, the orchestra announced.

The orchestra extended its fiscal year an extra month this year in order to shift the fiscal year to match the performance schedule. Without that change, the deficit would have been $4.4 million.

The shortfall follows a $4.25 million deficit in 2003-04.

At its annual meeting on November 15, the board of the Musical Arts Association, the orchestra's parent organization, adopted a plan for financial recovery that includes plans to widen its base of support beyond Cleveland and to cut costs.

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