Minnesota Orchestra reports balanced budget
Updated 12:20 p.m. | Posted: 11:28 a.m.
The Minnesota Orchestra on Thursday reported a balanced budget for its 2014-15 season.
President and CEO Kevin Smith said a wild and crazy year, including a historic trip to Cuba, generated a lot of excitement about the orchestra.
"From the smallest donors to the largest donors, our fundraising base increased by 30 percent over the previous year," he said. Financial results are usually reported in December, he said, but management wanted to release the good news in time for the launch of the orchestra's new season this weekend.
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Orchestra officials said the $30.6 million budget was balanced through a combination of spending restraint and strong community fundraising. More than 7,000 donors gave a total of $14.8 million during the budget period.
It was the first full season after the orchestra returned from a 16-month lockout of its musicians, and there had been some predictions of a deficit.
"We did start in a bit of a hole," he said, "realizing that we had a lot of tickets to sell and money to raise. And when all was said and done it really was a fantastic year on all levels."
In a press release, the orchestra reported that the cost savings had amounted to $800,000.
Earned revenue for the 2015 fiscal year was $8.1 million. The orchestra also eliminated $9 million in accumulated debt.