PITTSBURGH — The Pittsburgh Symphony Orchestra is seeking more than $1.4 million in grants as it prepares to post a $1.5 million deficit for the 2015-16 season, which ends Wednesday.
The Pittsburgh Tribune-Review reports (http://bit.ly/2bOZq7x) the symphony requested $1.4 million in grants from the Allegheny Regional Asset District for operating and $150,000 for capital expenses.
The capital request would go toward the cost of installing fiber optic cables for high-definition video and flat screen interactive signs, and creating more storage space.
President Malia Tourangeau said the symphony is at a “critical crossroad.” Its contract with the Pittsburgh Cultural Trust for its Broadway series expires along with a donor’s contributions, costing the organization $1.2 million.
Kevin McMahon, president of the Cultural Trust, said the contract’s expiration doesn’t necessarily mean the symphony’s relationship is over. Four shows will be presented at the concert hall, Heinz Hall, next season.
Tourangeau said the symphony’s pension fund needs at least $10.4 million over the next five years.
The group is also expecting a deficit of $1.56 million for the 2016-17 season. That projection includes the entire requested grant.
The symphony is in contract negotiations with musicians.
Information from: Pittsburgh Tribune-Review, http://pghtrib.com