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