Phoenix Symphony Board says funds aren't available to keep open due to increased costs

Curtain is closing on the Phoenix Symphony. The final performance is set for next Sunday and all 60 members will lose their jobs. But before that, they have a few questions like where did all the money go? Andrew Christensen is live with the latest tonight. Hi, Andrew. Hey, Brian. A lot of people are entering Phoenix Symphony Hall for the performance tonight. There was also a performance earlier today and I got a chance to talk to somebody on the symphony. She tells me that this is how they make their livelihood, but this is also where they've made just so many memories. Well, the Phoenix Symphony Board says that they did get a lot of federal relief dollars during the pandemic, but as for their current endowment, that is restricted by donors. So meaning by law, they cannot use that for day-to-day operations. Well, the Phoenix Symphony's internal records say that they had over $8 million of net assets at the end of 2022. But since then, operating costs continue to outpace revenues and what could be raised through donations draining their reserves. Well, the board says they've cut their deficit by 70% through increased fundraising, slashing administrative costs, and boosting ticket sales. But donations this year aren't what they expected. And I talked to the assistant principal Viola, and she tells me she was willing to sacrifice in order for the season to continue. We, the musicians, deserve transparency in terms of how the finances have been handled in the past, how they need to be handled moving forward, and what we can do to help. My colleagues and I were more than willing to take our fair share of cuts this season and do what we needed to to keep moving forward. The board says they didn't sound the alarm earlier because they didn't want to interrupt performances or reduce the size of the orchestra. Some board members have given personal money or loans while launching a fundraising campaign, but they say that unfortunately that just wasn't enough. And the Phoenix Symphony says they suspended the season. That does not mean they canceled the season. They just don't know when they're going to be coming back. The city of Phoenix does say that they're going to accommodate any new businesses that go into Symphony Hall instead of those performances. Reporting live in downtown Andrew Christensen, Fox 10 News.