QUICK TAKES - May 1, 2009

Baltimore Symphony Orchestra musicians volunteered to give back $1 million in wage increases and other benefits next season to help the organization weather the recession, and they challenged supporters to raise $2 million in matching funds to maintain fiscal health.

Although the orchestra’s finances remain in good shape, the organization has felt the effects of the economic downturn. After several seasons of balanced budgets, a deficit is projected for this fiscal year, which ends Aug. 31.

Since fall, the orchestra’s endowment has dropped from about $62 million to about $45 million, affecting the amount that can be withdrawn annually for operating expenses. Cuts in state and city grants have also had an effect.

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The Baltimore Sun