Minnesota Orchestra ends year with balanced budgetby Euan Kerr, Minnesota Public Radio
St. Paul, Minn. — For the fourth year in a row the Minnesota Orchestra has balanced its budget.
Orchestra leaders say the 2009-2010 fiscal year was an artistic triumph with a critically acclaimed European tour, but CEO Michael Henson told the Orchestra's annual meeting there was a lot of belt-tightening too.
"Our total expenses were $1.6 million below the prior year," he said "And these reductions included general budget cuts as well as a wage cut for staff, and a freeze reduction for musicians and a reduction in pension contributions across the entire organization."
The orchestra ended the year with an $8,000 surplus on a $30.8 million budget. Henson said as an organization the orchestra needs to remain flexible in the face of a tough economy.
However, he celebrated the successful fundraising campaign to pay for a planned $40 million expansion and renovation of Orchestra Hall.