The surplus signals a notable turnaround for the organization, which, at the close of its previous season, was facing a C$3 million deficit. In the past year, the orchestra has retired that debt, partly by cutting salaries for staff and musicians, and with help from the government.
"I am impressed with the commitment and perseverance of the musicians and the staff, and their many sacrifices to ensure that music lovers in this province will continue to enjoy superb orchestral music experiences," symphony board chair Wally Fox-Decent said in a statement.
According to the CBC, the symphony worked with government officials last year, agreeing to raise C$750,000 in return for a C$1.3 million pledge by the province of Manitoba. Grants from the city and from local arts councils also helped pay down the orchestra's debt and stabilize its finances.
Symphony officials will now work to maintain a balanced budget for the 34-week 2004-05 season, while launching an endowment campaign, the CBC reports.
"While much has been accomplished, we still face considerable challenges in ensuring [the orchestra's] successful future," Fox-Decent said.