TSO announces first accumulated surplus in four decades

The Toronto Symphony Orchestra (TSO) has additional cause to celebrate this year during its centennial season.

The organization announced at an annual general meeting Thursday that it had eliminated its accumulated deficit, which it has carried for more than four decades. CEO Mark Williams and board treasurer Peter Hinman reported a surplus of $901,000 for the 2022 fiscal year, resulting in an overall accumulated surplus of $781,000.

“It feels fitting that we enter our next century with a clean slate and better positioned to weather the challenges to come as we collectively rebuild and adjust to our post-pandemic reality,” said Williams.

He and Hinman noted the TSO was able to erase the deficit thanks to support from donors, government funding and sound fiscal management.

The news comes despite a rocky 2021/22 season, the company’s first since the pandemic. The season opening was delayed until November 2021 and two months’ worth of programming was cancelled due to the COVID-19 Omicron wave.

“For all the challenges we faced and opportunities we created over the past 100 years, nothing compares to the context in which our musicians and staff performed last season,” said board chair Catherine Beck.

However, the TSO’s 2022 fiscal report, released in August, seems to indicate the arts organization is on a strong post-pandemic trajectory. Revenue was up 22 per cent from the previous year, from $20.4 million in 2021 to nearly $25 million in 2022. In particular, revenue from subscriptions and ticket sales was up more than 27-fold in 2022 compared to 2021.

This month, the TSO opened its 2022/23 season, celebrating the orchestra’s 100th anniversary. Performances run through June 2023.

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