According to the Enquirer, the deficit occurred in large part because payout for the operating budget from the orchestra's $73.1 million endowment was cut to 6% this year; this means the endowment draw will be $2.8 million less than it was five years ago.
Two years ago, the CSO raised ticket prices — and saw a resulting drop in its subscription sales bigger than it had anticipated, according to the paper. The orchestra announced last May, however, that attendance increased slightly for the 2005-06 season, the fifth under music director Paavo J‹rvi, with a 3% increase in subscription sales over the 2004-05 season.
The CSO also negotiated a three-year musicians' contract that froze salaries the first two years, but wages are scheduled to increase 2.4% this year, according to the paper.
The symphony has earned more than $1 million a year from rock and pop music concerts at Riverbend Music Center, which it owns, according to the Enquirer. And it is raising money to match $3 million in state capital funds to build a smaller amphitheater there.