Cleveland Orchestra’s Bridge Fund Plugs Hole In Budget (Again)
December 7, 2008 § Leave a comment
For the third fiscal year in a row, a Bridge Fund comprising special contributions has patched what would have been a significant hole in the Cleveland Orchestra’s budget. The Bridge Fund was a $17 million pot created in 2004-05 for the purpose of covering future deficits. It is one piece of a long-term ‘turnaround’ plan enacted that year by trustees and community leaders to stabilize the orchestra’s books… According to the plan, the orchestra aims to balance its books without the fund beginning in 2010.