The Fort Worth Symphony Orchestra is sliding down a scale of red ink.
In an interview with the Star-Telegram this week, orchestra President and CEO Amy Adkins detailed the symphony’s financial position and laid out reasons why management says it needs to cut musicians’ pay by more than 8 percent.
Since the 2008 recession, the symphony has lost some of its annual fee performances from the Texas Ballet and the Fort Worth Opera, and its endowments have been hit by the downturn in the oil and gas industry. Although ticket sales and contributions from individuals have increased, the orchestra has ended the past four seasons with deficits.
“No matter what we are doing to improve matters, the setbacks have erased everything we’ve done and then some,” Adkins said.
This year, she said, the deficit will grow to $650,000, partly because of increased rental costs at Bass Hall. And with little progress made in contract talks with the musicians union, management plans to implement a concessionary contract Monday, which will help cut the expected deficit in half.