San Antonio Symphony News and Archive

Symphony to discuss shortfall




From the San Antonio Express-News 6/01/2000

By Hector Saldana



The San Antonio Symphony ended its 1999-2000 fiscal year Wednesday with a projected deficit of $375,000, about 5 percent of its budget.

A special board meeting has been called for next Thursday to address the shortfall, which could jeopardize $1.2 million in stabilization gifts from the Kronkosky Foundation and 16 businesses.

The stabilization package from the Albert and Bessie Mae Kronkosky Charitable Foundation requires the symphony end its fiscal year without a deficit and have a balanced budget for the upcoming year.

Its purpose is to rebuild the symphony's endowment to help meet its operations costs.

Symphony Executive Director John Binkley said he's optimistic that the "slight disconnect" will be remedied.

"A very successful season will be completed this weekend, and the San Antonio Symphony is proud to have retired all of its old debt as of May 31," Binkley said.

More than $2 million of accumulated debt was paid off this year. "We need to address and resolve this deficit issue because we're not allowed by our agreement with our stakeholders to end in the red," he said.



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