The results of pre-audited financial reports show that the opera will end fiscal year 2005 with a balanced budget despite financial challenges. David Bolger, chairman of the company's board, said, "With Symphony Hall in Phoenix closed for renovation, it was necessary to reduce the season from five operas to four and relocate to three different Phoenix venues, while mounting productions that could also be performed in our Tucson venue. All this added up to decreased revenues and increased costs."

The company was helped by two $250,000 grants, both from the City of Phoenix, meant to offset the decrease in ticket sales during the renovation. The second grant was given with the provision that the company match the funds by raising $500,000.

Arizona Opera also announced the election of a new board of trustees.