Vancouver Opera issued a news release today (September 16) announcing its second surplus in as many years, eliminating an accumulated deficit of $831,000. The organization reported an operating surplus of $435,483 for the year ended on June 30, 2013, on a budget of $10.2-million, bringing the company's accumulated surplus to $169,354.
"We are very pleased to have finished last season in a solid financial position," said VO's general director James W. Wright. "2012-2013 was very consciously a mix of traditional, new and innovative productions and firmly in line with our strategic plan. It's exciting to see audiences responding so enthusiastically and we are greatly encouraged as we enter Vancouver Opera's 54th season."
"It's very satisfying to end the season with the elimination of the accumulated deficit, but the Board is aware that the years to come will challenge Vancouver Opera in new ways. Continuing to follow the company's strategic plan will be key to maintaining this upward trend," commented Bev Park, outgoing Chair of the VO Board of Directors. "The careful and nimble planning of senior management and the continued good work of staff have contributed to the elimination of a significant deficit in just two years."
Park noted that the dedication and hard work of the board, committees and task forces, particularly around VO's annual fundraiser, OVERTURE, contributed to the organization's success in 2012-13. This year's gala event featured headlining artist k.d. lang.
In May 2013, VO hosted more than 100 companies from across North America for the annual OPERA America conference and Opera.ca colloquium.
VO's 2013-14 season will feature Puccini's Tosca, Benjamin Britten's Albert Herring, Mozart's Don Giovanni, and Verdi's Don Carlo. For more information about Vancouver Opera visit http://www.vancouveropera.ca/.