Karl O. Mills, president of the San Francisco Opera Association, said in a statement, "It is fair to say that we are cautiously optimistic, though higher pension and other benefits costs, artistic changes, and a small shortfall in ticket revenue for the fall season have contributed to a rise in operating expenses for this season that will need to be overcome during the remainder of this fiscal year."

San Francisco Opera posted a small surplus a year ago after two years of multimillion-dollar deficits.