The Vancouver Opera is back in the black and running a surplus after three years of battling an operating deficit.
Like Ballet BC, which also faced financial troubles in the wake of the recent recession, the Vancouver Opera has struggled with financial challenges, as Vancouverites cut back on non-essentials like entertainment. The opera has carried an accumulated deficit of $831,000 for the last two years.
According to the opera's annual financial statements, the organization now has a $435,483 operating surplus and an accumulated surplus of $169,354.
"We are very pleased to have finished last season in a solid financial position," said Vancouver Opera's general director James Wright.
"I am grateful for the leadership of our board of directors. The board's support, foresight and collective experience continue to be instrumental in guiding the company through changing trends in the arts."
As reported in Business in Vancouver in July, Ballet BC faced similar financial problems.
In 2009, the ballet was forced to lay off its dancers and seek creditor protection as it reorganized. After four years of running deficits, Ballet BC is also back in the black.
