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Sir Andrew Davis
30 May 2012

Lyric Opera Posts Annual Report

The Lyric Opera of Chicago announced their financial figures in their annual report and “balanced its budget” for the 2011-2012 season, according to general director Anthony Freud.

Lyric Opera Posts Annual Report

By Frank Cadenhead

Above: Sir Andrew Davis


Additionally, the company’s music director, Sir Andrew Davis, has had his contract extended for six more seasons.

In almost every category, the numbers showed small increases and suggest continued stability for the company. Ticket revenue was $25 million, a $1.3 million increase from last year. Fundraising goals were also surpassed, with $21.1 million contributed, some $3 million more than the year previously. Tickets sold were 233,113, about 3,550 more than last year, with a healthy average capacity of 88%

The “balanced budget” declaration might leave some, who define a balanced budget as income matching expenses, scratching their heads. The total budget was $57.4 million but the company’s revenue was not enough to match this and $3.8 million was taken from the company’s reserve fund to make the difference. This dipping into reserves has been a feature of the annual report for the past few years. It is less than last year’s $4.3 million but nevertheless an important figure.

Music director Sir Andrew Davis’ contract, set to expire with the 2014-15 season, has been extended for six additional seasons. Freud declared that “his ongoing commitment to our company is of fundamental importance to Lyric’s strength and success.”

Frank Cadenhead

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