The budget shortfall follows a $456,000 surplus in 2003-04 and a $1.73 million deficit in 2002-03.
A spokesperson said that the orchestra had exceeded its goals for subscriptions, but that single-ticket, group, and "flex" coupon sales fell short of expectations.
The orchestra signed up 2,570 new subscribers to its classical series, 60 percent more than the 1,605 it added in 2003-04. New pops subscriptions rose by 120 percent, from 916 to 2,026. The total number of subscribers rose by about 2,000 to 15,345.
In addition, the PSO said that rate of subscription sales for the upcoming season are ahead of the pace set a year ago.
The increase in subscription sales reverses a long-term decline for the PSO, and is contrary to the trend across the classical music industry, in which concertgoers are increasingly buying single tickets rather than subscriptions.