Kimmel Cuts Staff, Budget

Philadelphia’s Kimmel Center (home to the Philadelphia Orchestra, among others) has a $3 million deficit and is cutting 11 staff. “Part of the financial drain is long-term debt. The Kimmel took out a $30 million loan to help bridge the gap between the time pledges to its construction campaign were made and the time they were fulfilled. But only $3 million of the loan has been repaid, and each year the debt costs the Kimmel about $2 million in principal and interest payments. Now Kimmel leaders are trying to raise $90 million to reduce the debt and build an endowment.”