- Posted December 16, 2013
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Detroit Symphony Orchestra says it finally balanced its budget
DETROIT (AP) -- The Detroit Symphony Orchestra says it has balanced its budget for the first time in five years.
Orchestra officials released the financial report last Thursday for the 2012-13 season, which ended in August. It says that's the first balanced budget since 2007.
The announcement marks another financial milestone for the financially recovering organization, which in 2011 settled a contentious six-month strike by its musicians. Last year, the orchestra resolved $54 million in loans owed to five banks on a real estate deal for its Max M. Fisher Music Center.
Officials say the balanced budget was enabled by a $4.1 million deficit-reduction plan. It also was bolstered by a 43 percent year-over-year increase in fundraising to $18.9 million.
The orchestra disclosed the numbers during a meeting of its governing board.
Published: Mon, Dec 16, 2013
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