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SPCO will use $280,000 surplus to pay down deficit

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The Saint Paul Chamber Orchestra has announced that it ended the year with a surplus of more than $280,000.

President and Managing Director Bruce Coppock said during the orchestra's annual meeting today that the money will used to partly pay down the orchestra's $800,000 deficit from last year.

After a difficult year that included a seven-month lockout of the orchestra's musicians during a contract dispute, Coppock said he is optimistic about the organization's future.

"We find these all incredibly encouraging signs: the audiences are back, the donations are coming, the level of interest in the SPCO is at an all-time high, and I think the concerts have been terrific" he said.

However, like many orchestras, the SPCO still faces financial challenges. But Coppock believes the organization has the skill, flexibility, and enthusiasm to succeed into the future.    

"We've had the largest renewal rate of any year in recent memory," he said. "Every single one of our concerts this year has exceeded our goals, [with] larger attendance and more revenue than we anticipated.  And our annual fund is running way ahead of our expectations."