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The Markets April 8, 2009
Utah Symphony&Opera Makes Salary, Benefits Cuts
The Utah Symphony&Opera is cutting its budget, including its 403(b) contributions.
Reported by Rebecca Moore
The symphony announced it will cut its operating budget by $1 million between now and 2010.
Salt Lake City’s Deseret News reports that, as part of the effort, US&O staff and administration will take a salary cut, and it has suspended its contributions to the 403(b) plan. In a statement, the organization said it is anticipating a shortfall by the end of this season, making cuts necessary, according to the news report.
Melia Tourangeau, US&O’s president and chief executive officer, and music director Keith Lockhart will take a 10% pay cut for the rest of the 2008 to 2009 season. Additionally, the symphony musicians, who belong to the American Federation of Musicians Local 104, AFL-CIO, agreed to an 11.5% salary and benefit cut for this year, the newspaper said.
The musicians will also give up two weeks of pay, a week of vacation, and some personal days, according to the news report.