This year has been a financial roller coaster for the Rep: shortfalls, furloughs, swapping out of plays, budget cuts, the incredible shrinking endowment, and asking the unions to take voluntary cuts (the unions said no).

The Rep, in an unusually transparent move, has released a summation of its fiscal year.

Reading through it, you can feel the faint throb of tension headaches at regional theaters across America.

Fact Sheet: FY09 Fiscal Highlights

Seattle Rep began FY09 with a $10.7 million operating budget.

The Challenges:
Early forecast (October) indicated a potential ($1.7 million) operating shortfall due to an early decline in ticket sales and contributions.

Operational sustainability at current budget levels.

Continued endowment support not feasible in the near future due to greatly reduced investment markets.
Difficult environment for fundraising campaigns.

The Plan:
Cut expenses to offset $700,000 of potential shortfall (over $500,000 in payroll and benefit related cuts).

SRT Foundation approved a $1 million matching grant on new and increased contributions to the theatre for FY09.

Budget modeling began strategies for reducing 30% from FY10 operating expense budgets.

The Results:
SRT Foundation $1 million matching grant was successfully completed.

2,050 donors contributed to the match.

1,430 donated to Seattle Rep for the first time.

Over $325,000 of the match was contributed by 1,993 donors giving $1 to $5,000.

FY09 (7/08 — 6/09) budget $10 million, with balanced operating results.

SRT Foundation match offset the $1 million shortfall in the originally budgeted contribution goal.

Expense savings of $700,000 offset shortfalls in earned revenue.

FY10 (7/09 — 6/10) budget $7.4 million balanced operating plan (31% decrease from the FY09 budget) with no use of endowment earnings.

Seattle Rep is still looking for an artistic director.

Its next season—including Fences, The 39 Steps, Speech and Debate, and August: Osage County—is here.