Philadelphia Orchestra Reports Balanced Budget, Its First Since 2000

Classic Arts News   Philadelphia Orchestra Reports Balanced Budget, Its First Since 2000
 
The Philadelphia Orchestra very nearly balanced the budget for the 2004-05 season, the Philadelphia Inquirer reports.

It is the orchestra's first season without a significant deficit since 2000, when the budget was balanced by an unexpected bequest. The orchestra has been run for much of the last decade in the red, with a $4.3 million deficit in 2004.

In fact, the Inquirer reports, the orchestra ran a very small deficit of less than $100,000. The deficit, which is less than one percent of the $37.6 million budget, is, according to Elizabeth Warshawer, the orchestra's interim executive director, "well within the conditions of the [Joseph] Neubauer and [Leonore] Annenberg grants." The donors of those grants, which total $60 million, stipulated that the orchestra must balance its budget.

Concerts in the 2004-05 season were at nearly 90 percent of capacity, and the orchestra's endowment campaign recently passed its $100 million mark, with $22 million raised last year.

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