Detroit Symphony Posts Surplus Despite Funding Cut

Classic Arts News   Detroit Symphony Posts Surplus Despite Funding Cut
 
The Detroit Symphony achieved a balanced budget for the 2003-04 fiscal year, the orchestra announced at its annual meeting yesterday.

According to preliminary figures released at the meeting, the orchestra ran a surplus of $87,000 on a budget of $27.8 million.

The surplus came despite a $750,000 cut in state funding. Officials said that credit was due in part to musicians, who accepted, in an amendment to their contract, smaller pension payments, furloughs, and delays in hiring new players.

"We were able to accomplish great things last year due to the tremendous support of the Board of Directors, our donors and ticket buyers, and because of the hard work and sacrifices of the musicians and DSO staff," said chairman James B. Nicholson in a statement. "We aggressively pursued a program of cost reductions, maximized revenue opportunities, controlled revenue risks, and increased giving"

The DSO's 2003-04 season saw the opening of the orchestra's $60 million Max M. Fisher Music Center and the hiring of Anne Parsons as president and executive director.


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