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December 08, 2014

Minn. Orchestra Touts Fiscal Health on Rebound From Lockout

The Minnesota Orchestra reduced its budget shortfall and increased its assets for the fiscal year ending Aug. 31, presenting a relatively rosy financial picture for the organization as it recovers from a protracted labor battle, the Star Tribune reports.

Holding their first annual meeting in two years, during much of which musicians had been locked out, orchestra officials last week announced a fiscal 2014 deficit of $650,000 on expenses of about $21.5-million and said investment funds rose from $147-million to $164-million thanks to market growth and a spike in donations.

The 16-month lockout, the longest work stoppage for a U.S. orchestra, ended in January as musicians accepted a three-year deal that cuts wages and benefits by 15 percent. The organization ran deficits of $1.1-million in fiscal 2013, almost all of which was lost to the lockout, and $6-million the previous year, prompting management's hard line on cutting labor costs.