Monday, July 20, 2009

National Ballet reports $1-million deficit

Toronto's National Ballet of Canada will report a deficit of approximately $1-million for its 2008-2009 fiscal year, which ended June 30.

The shortfall results from declining revenues in all areas during the economic slowdown, according to executive director Kevin Garland, with one of the largest gaps left by the company's endowment fund, which lost 10 per cent and so did not pay out about $700,000 to the company. Donations also dipped, and though ticket sales recovered in the latter part of the season after a drastically soft fall, many seats were sold at $20 to people aged 16 to 29 as part of a program to attract young audiences.

"We were never able to climb back from what happened in the fall when everyone was hanging onto their money and not spending because they thought the world was coming to an end," Garland said.

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