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Minnesota Orchestra Announces Small Deficit

The Minnesota Orchestra ended its fiscal year with a deficit of $650,000 on its $29 million budget. This deficit was lower than expected and was welcomed as good news. The orchestra is working to rebuild its financial health following the musician lockout that ended in January 2014.

The $29 million budget is much smaller than prelockout seasons, which typically saw budgets of more than $32 million. Musicians’ salary and benefit cuts account for a $1.7 million budget reduction. The orchestra attributes its stronger financial performance to appreciation of investment funds, as well as to several large gifts totaling $13.2 million. Ticket sales remained similar to prelockout seasons.