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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Posts Tagged ‘budget’
Utah Symphony Members Donate Own Pay
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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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