Minnesota Opera opened its season in September with Puccini's "La fanciulla del West." / Photo by Michal Daniel
Minnesota Opera has posted a small deficit for fiscal 2014. The institution reported a shortfall of $173,000 on a $9.8 million budget. The report is noteworthy because it marks the second annual consecutive deficit for the Opera after many years of balanced budgets.
Kevin Ramach, president and general director, said the company had cut costs in the fiscal year when it became obvious that revenue was not keeping pace with expenses. The departments of fundraising, marketing and communications were streamlined and Ramach said in a news release that a consultant has been hired to examine productivity and efficiency.
The Opera reported a 14-year high in subscription sales and a bump of $250,000 in contributions from fiscal 2013. The company is in the midst of an ambitious initiative to bring new work to the opera stage. "Silent Night," "Doubt" and the upcoming "Manchurian Candidate" are three pieces in that effort.
The full financial audited report is here.
