It is hoped the one-year emergency measure will help the orchestra balance its books
The musicians of the Memphis Symphony Orchestra have agreed to take a 38 per cent pay cut for one year to help mitigate the ensemble’s financial woes.
‘We took some emergency measures, reduced costs, reduced staff, and last year we had some special fundraising,’ Memphis Symphony Orchestra president and CEO Roland Valliere said. ‘There was really no choice because the orchestra's reserves, which had at one time been more than $6m, had been spent over the years to cover operating shortfalls.’
The orchestra, which managed to see out its 2013-14 season thanks to last-minute donations and benefit concerts, is embarking on a beefed up fundraising campaign and hopes to expand its donor base.