Met admits further dip in finances. Whose fault?main
The Metropolitan Opera has forecast a ‘significantly larger’ deficit for the year ending July 31, exceeding last year’s $2.8 million budget gap.A financial-disclosure document released last night blames the fall on lower than expected contributions and a dip at the box-office.
Whose responsibility is that?
WSJ reports: The Met’s budget grew to $327 million last year from $222 million in 2006, when Mr. Gelb took the helm. To cover its operating costs, it has drawn heavily from its endowment, which now stands at $267 million, compared with $306 million in 2006.
Gelb is demanding 17 percent wage cuts from musicians, chorus and stage workers.