18. December 2008 · Comments Off on Yes, Virginia, There Is An Orchestra · Categories: News, Symphony

Found here:

Norfolk’s Economic Development Authority has agreed to loan the Virginia Symphony Orchestra $500,000 to help save it from bankruptcy.

Six members of the seven-member authority attended Wednesday’s meeting and voted unanimously to approve the five-year loan.

The organization had requested a $1 million loan.

The symphony ended its fiscal year in July with a $1.5 million deficit. Since August, it has laid off four staff members, announced a 20 percent pay cut and canceled several spring concerts to help deal with its financial crisis.

Symphony Executive Director Carla Johnson says since December 1, the symphony has collected $113,200, which is nearly $67,000 short of what it needs to make payroll.

So they get a loan … but it appears they will still have financial woes.

Time to start donating to the arts, maybe?

Or past time.

Comments closed.