Pittsburgh Symphony Posts $1.1 Million Deficit

Classic Arts News   Pittsburgh Symphony Posts $1.1 Million Deficit
The Pittsburgh Symphony ran a deficit of $1.1 million in 2004-05, a spokesperson confirmed today.

The deficit, which is considerably larger than the $500,000 shortfall projected earlier this year, will be announced at the PSO's annual meeting tonight.

The spokesperson said that despite the negative result, the PSO is continuing its recovery from the financial struggles it faced in 2002 and 2003. The orchestra posted a surplus in 2003-04, she said, so the last two years have been "financially neutral." During the same period, she said, the orchestra has boosted its net worth by $13 million.

The PSO recently renegotiated its contract with its musicians, making cuts and other changes that the orchestra said would save $2.4 million over three years.

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