Stratford Competition faces $20-million funds shortfall regardless of price slicing



Stratford Police sit outside the Stratford Festival's Festival Theatre after the cancellation of the opening night performance of "The Tempest" in Stratford, Ont., on May 28, 2018. The Stratford Festival says despite efforts to rescue its finances from the impact of COVID-19, the organization is still has a $20-million hole in its annual budget. Carol Stephenson, chair of the board at the Stratford Festival, testified before a House of Commons standing committee on finance, asking for $8 million of support to get the arts organization back on its feet. THE CANADIAN PRESS/Geoff Robins

Stratford Police sit outdoors the Stratford Competition’s Competition Theatre after the cancellation of the opening evening efficiency of “The Tempest” in Stratford, Ont., on Could 28, 2018. The Stratford Competition says regardless of efforts to rescue its funds from the affect of COVID-19, the group continues to be has a $20-million gap in its annual funds. Carol Stephenson, chair of the board on the Stratford Competition, testified earlier than a Home of Commons standing committee on finance, asking for $eight million of assist to get the humanities group again on its ft. THE CANADIAN PRESS/Geoff Robins

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TORONTO – The Stratford Competition says regardless of efforts to rescue its funds from the affect of COVID-19 the group nonetheless has a $20-million gap in its funds.

Carol Stephenson, chairwoman of the board on the competition, has requested the Home of Commons standing committee on finance for $eight million to assist get the humanities group again on its ft.

She says the remainder of the shortfall could be raised by way of donations from the non-public sector.

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Stephenson outlined measures the competition — an enormous financial driver for the Stratford, Ont., space — has taken in latest weeks to get better from a steeper $40-million deficit projected a few month in the past.

She says cuts to overhead bills, drawing from the competition’s endowment, a $6-million line of credit score and a 50 per cent wage reduce for its government director and inventive director have helped.

Stratford was to roll out 15 productions in 4 theatres, together with Colm Feore’s “Richard III” because the inaugural present on the new $70-million Tom Patterson Theatre, earlier than the closure of its theatres in March.

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This report by The Canadian Press was first printed Could 21, 2020.

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