INDIANAPOLIS (AP) — The Indianapolis Symphony Orchestra says an increase in ticket sales and steady fundraising have led to its third straight annual budget surplus following several years of financial struggles.
Orchestra officials say the organization ended its fiscal year Aug. 31 with a $900,000 surplus after taking in $23.8 million in operating revenue.
The orchestra had five consecutive years of deficits leading up to a 2012 contract dispute with its musicians that included a lockout during which five weekends of performances were canceled. The new contract included pay cuts for the musicians.
The Indianapolis Business Journal reports the orchestra's ticket sales were up 8 percent this past year, while fundraising dropped about 5 percent to $9.25 million.
Orchestra CEO Gary Ginstling says he's encouraged by the community's continued strong support.