Toronto Symphony Posts Hefty Deficit

Classic Arts News   Toronto Symphony Posts Hefty Deficit
The Toronto Symphony ran a deficit of C$2.1 million on a budget of C$20.3 million in 2004-05, according to audited financial statements released at the orchestra's annual meeting yesterday and provided to PlaybillArts.

The shortfall follows a deficit of C$2.28 million in 2003-04, and increases the TSO's overall debt to more than C$9 million.

Revenue from fundraising and subscriptions increased, but single-ticket revenue fell slightly and expenses grew by nearly C$2 million.

According to the Toronto Globe and Mail, the TSO's debt now exceeds the level it reached in 2001, when the orchestra faced a cash crisis that nearly forced it to declare bankruptcy.

Also at the annual meeting, the TSO board elected Philip Taylor, president and CEO of AIM Funds Management, to succeed Hershell E. Ezrin as chair.

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