The balanced budget is the group's second in a row and its 11th in 12 years—a record marred only by a $750,000 deficit in 2002-03. The most recent surplus will be used to pay down debt remaining from the 2002-03 shortfall.
The SPCO attributed the positive result to an increase in individual donations, an increase in subscribers, and the reduction of expenses implemented in 2003.
"During a time when many orchestras are running significant deficits, we are proud to announce that we have balanced our budget," SPCO president Bruce Coppock said. "This success is a tribute to the hard work done by our board, staff, and musicians and the generosity of our donors."