PITTSBURGH (AP) — The Pittsburgh Symphony Orchestra’s budget nearly tripled in the last fiscal year — but the worse news is $17 million in future funding is endangered, because it’s contingent on the orchestra balancing its budget.
The Pittsburgh Tribune-Review (http://bit.ly/17Hlk3Y ) reports the deficit swelled from about $1 million in 2011 to $2.9 million in fiscal 2012.
Symphony board Chairman Richard Simmons has pledged $12 million in funding if the symphony balances its budget for three consecutive years and $5 million from the Heinz Endowments requires back-to-back balanced budgets by the end of August 2015.
The symphony says the shortfall is caused by a recession which has shrunk its endowment and state funding cuts which gave the orchestra no money last year. It received $700,000 in state money for the current fiscal year.
Information from: Pittsburgh Tribune-Review, http://pghtrib.com