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.
The Spokane Symphony has modified their budget for the 09-10 season, including a 20% pay cut for all staff members—they will only work 4 days a week and are losing 401k benefits. Conductors Eckart Preu and Morihiko Nakahara are also taking pay cuts, and have worked to save money by changing repertoire to divert sheet music costs.
Additionally, the group has canceled several performances and series that proved to be a drain on the budget. Take a look at their press release for full details. The concerts being eliminated include the Classics and Casual Classics series, as well as the Symphony on the Edge concerts. While the reduction of season events paired with less pay for employees is not a happy thought for any classical organization, the Spokane Symphony remains confident in their ability to weather the negative effects of the current economy.