‘We’re rapidly making progress’
Here’s what we learned from BSO’s preview of new five-year plan to fix longstanding financial problems
The Baltimore Symphony Orchestra announced last week that its board of directors has adopted a five-year master plan aimed at fixing the longstanding financial problems that resulted in a 12-week lockout of musicians last summer when the symphony was unable to meet payroll.
A BSO news release said the plan is the culmination of “a deep analytical dive into the BSO’s recent performance and industry trends.”
The release is short on specifics and silent regarding the key issue of contention between management and the musicians in 2019 — whether the orchestra will continue to perform concerts year-round or will instead operate on a reduced schedule.
These questions are likely to be answered soon; the BSO has a deadline of Feb. 23 deadline to present its blueprint for restoring the orchestra to solvency to the Maryland General Assembly.
“We wanted people to know that we’re rapidly making progress,” said Peter Kjome, the BSO’s president and CEO, “even though we’re not releasing every detail of the multi-year plan today.”
For now, here are five early clues gleaned from the announcement and from Kjome:
The orchestra will also perform more concerts in rural areas. This program will be called “BSO In Your City.”
“We’ve already begun to implement parts of the plan,” Kjome said.
“Our donors are responding to the intensive turn-around efforts we’ve been making.”
Tuesday’s news release announced a $1 million gift from the Joseph and Harvey Meyerhoff Family Charitable Funds. The money will be used to bolster operating funds for the BSO, which has an annual budget of about $28 million.
That brings the total of donations pledged since early December to $8.25 million, including a $1.25 million donation to shore up the symphony’s $60 million endowment.