The orchestra ran a deficit of $400,000 on a budget of $5.9 million in 2003-04, and is struggling to balance its budget for the current season.
The cuts are spread out over the life of the contract, with a 1.25 percent cut in the first year and 2 percent cuts in the two subsequent years. Musicians also agreed to reductions in their pension plan and the end of an instrument maintenance stipend.
"The [musicians'] orchestra committee has structured an agreement that is clearly mindful of the Toledo Symphony's financial realities," chairman Richard P. Anderson said. "The quality of cooperation among musicians and administration was exceptional throughout the negotiation process, evidence of a relationship built on trust."