Toronto Symphony Runs First Surplus Since Near-Bankruptcy

Classic Arts News   Toronto Symphony Runs First Surplus Since Near-Bankruptcy
 
The Toronto Symphony has posted its first budget surplus since it narrowly avoided bankruptcy five years ago, reports the Toronto Star.

TSO board chair Philip Taylor said the orchestra, led by music director Peter Oundjian, finished its 2006 fiscal year with an extra C$30,318 on C$21.3 million in expenses — though there remains almost C$9.5 million in debt from past seasons, according to the paper.

The improved financial situation is in part due to previously announced donations of C$5 million and C$2 million from two patrons. The Toronto Symphony Foundation will also receive an additional C$1 million donation from an anonymous donor, according to the Star.

Ticket sales increased last season: 222,000 tickets were sold last for 108 concerts, representing 80% of capacity at the orchestra's home at Roy Thomson Hall.

Government grants account for C$4.2 million, or 18%, of total revenue, according to the paper. The Star quotes TSO CEO Andrew Shaw as saying the orchestra has "one of the highest ratios of earned revenue from ticket sales relative to operating budget" among major North American orchestras.

The orchestra will continue an intense fundraising campaign to top up the coffers of the Toronto Symphony Orchestra Foundation.


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