NY Times quoting the President of AGMA, Alan Gordon, dissing the General Manager of City Opera, George Steel (who is fairly new, by the way), saying "Steel's approach is out-and-out stupid and it's designed to assure that City Opera goes out of business." Same finger-pointing as in the WSJ article.
The WSJ gives a $31 million budget for fiscal year 2010, while the Times gives a (preliminary) $22 million for "this year's" budget which apparently will be chopped significantly. The Times says "this season's" deficit was $5 million. I can't tell whether NYC Opera's "season" falls within its "fiscal year" (which need not be a calendar year) from the reporting in these articles to know exactly where that $5 million loss gets attributed.
NYC Opera Chairman Charles Wall, who became chairman in January, has initiated an internal financial review. Certainly a good idea since the endowment, $55 million at the end of "fiscal year" 2008, is said to have been raided and otherwise shrunken to a present $9 million. That'd be an 84% drop in the endowment fund in about three years!
From the NY Times:
"Now, just five months before the season, potential ticket buyers do not know what music they will hear, who will be singing, what the tickets will cost or where to go to take their seats. The prospect is almost mind-boggling in a world where schedules are fixed years ahead."
If the huge drop in the endowment fund is largely attributable to structural improvements in Koch Theater, NYC Opera and Lincoln Center should work out a deal for NYC Opera to stay for the season for the sake of equity and the arts. The Times does mention NYC Opera is looking at the new World Trade Center's venue which could make sense in the long run, but probably not immediately.
NY Times article
Updated On: 5/21/11 at 09:16 PM