In Tuesday’s (12/8) Buffalo Business First, James Fink writes, “The economic downturn created a sour financial note for the Buffalo Philharmonic Orchestra. The BPO said it finished its fiscal year, which ended on Aug. 31, with a $531,000 operating loss including a 10.4 percent drop in concert revenues and a three percent decrease in annual fund donations. Orchestra officials announced the financial findings at its annual meeting, held Monday evening at Kleinhans Music Hall. … The losses, while painful, were not unexpected given the backdrop of the national economic meltdown that began in the fall of 2008. Earlier this year, the BPO instituted a number of financial belt-tightening measures including pay cuts for top officials including Executive Director Dan Hart and Music Director Joann Falletta. Seven front office positions were eliminated. Hart said the cuts save $800,000 in annual expenses. Yet, despite the cuts, BPO officials said the on stage performances at Kleinhans Music Hall did not suffer. Hart said the orchestra is watching, closely, its expenditures. The organizations annual budget dropped from $10.7 million last year to $9.9 million this season.”
Posted December 9, 2009
