Indianapolis Symphony Reports Better Finances Created by kmiller on 12/10/2013 8:27:16 AM
INDIANAPOLIS (AP): The Indianapolis Symphony Orchestra says its budget is back in the black for the first time since 2007 after big spending cuts and an increase in donations.
The orchestra's management says its 2012-2013 fiscal year with a surplus of nearly $236,000 on $23.2 million in revenue.
The results come after the orchestra and its musicians agreed to a new contract in October 2012 following a lockout during which five weekends of performances were canceled.
The orchestra's spending dropped 15 percent, in large part from a 32 percent reduction in base pay for musicians.
Orchestra board chairwoman Martha Lamkin says the better financial picture comes from a groundswell of support from donors and major sacrifices from the musicians.