Already $3.9 million in debt, the Detroit Symphony Orchestra is looking to cut musicians’ pay by 33 percent in order to prevent the deficit from reaching $6.5 million. Currently, the ensemble’s starting salary is $105,000 with nine weeks paid vacation. The organization is looking to modify its three year contracts to include a base pay of $70,000 with three weeks vacation, and to reduce pension and benefits. The musicians have stated they will accept a cut of 22 percent, but for now have opted to demonstrate their frustration through a strike. The administration claims that they are willing to meet the musicians at the 22 percent mark, and are hoping to end this strike in time for Friday’s concert. This one even made it to CNN.
Posts Tagged ‘budget’
Detroit Symphony on Strike
Montreal, Nashville Symphony Orchestras Receive Mega-Donations
Orchestra Woes Part IV: Recovery
As the orchestras around the world continue to tighten their belts, it seems a financial renaissance is taking place among classical institutions. Operations are being streamlined to accommodate smaller budgets, and coffers are being refilled to allay the looming threat of Chapter 11. Read on for a few instances of philanthropy! View Full Article »
BBC Podcast: US Orchestras Surviving Recession
Part III: Anthology of Orchestra Economics
Amidst the nebulous financial situation plaguing many US orchestras, BBC’s Matt Wells visited the Boston Symphony Orchestra at Tanglewood to consult both players and administration alike.
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Breaking: Orchestra Finance Woes Part II, Syracuse Symphony
The Syracuse Symphony Orchestra cut its upcoming season from 40 to 34 weeks today in an effort to endure dwindling funds. Meanwhile, the orchestra needs to raise $500,000 to cover the deficit in its $7.4 million budget, says The Watertown Daily Times. Faced with possibility of shutting down for the summer, the SSO managed to keep its doors open with help from an anonymous benefactor. View Full Article »
Basically All North American Arts Organizations Losing Money: Part I
Barely Counts as News Anymore
Editor’s note: The Sound Post generally avoids covering the recent downturn in arts funding as it does little to help the situation and simultaneously neglects the more important aspect of the industry—the art. But just as the headlines flow about organizations seeing red, there is a similar trickle of news about surfacing grants and endowments. So, this multi-part story will attempt to chronicle the down and up of the music industry; for now we lament the dwindling zeros, but look for updates on how everyone is not only keeping their heads above water, but climbing back into the boat.
As the cooling economy continues to do its number on the numbers of many North American arts organizations, orchestras and opera houses across the US are reevaluating their budgets in an effort to weather the dreary economic climate. View Full Article »
Utah Symphony Members Donate Own Pay
Polygon Shaped State Has Difficulty Cutting Corners
In response to the economic hardship facing the Utah Symphony | Utah Opera organization, Utah Symphony members have agreed to forgo four weeks’ salary, 50 percent of their matched pension payment, and the entirety of their contracted 5 percent annual raise. All together, members will see their income decrease by 19 percent—a donation totaling $1.3 million.
While this will inevitably cause some belts to tighten, members fear what might have happened without the agreement. The measure follows similar actions last year, which brought the budget down to $17 million from $19 million—apparently not enough to avoid trouble. CEO of Utah Symphony | Utah Opera Melia Tourangeau took a 10 percent pay cut, and several administrative positions were eliminated along with matched pension contributions.
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Spokane Symphony Announces Budget Reduction
This Just In: Economy Still Sucks
The Spokane Symphony said in a press release Monday that they are taking steps to alleviate a 5% financial deficit predicted for the end of the year. Despite solid financial footing for the last 8 years, the organization began to feel the effects of recession halfway through the 08-09 season. Check the link for an outline of all budget adjustments.
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