Jun 22, 2013 5:58 PM by Associated Press
PHOENIX - Arizona's largest theatrical producer is facing a sizable deficit following a disappointing season with fundraising and at the box office.
The Arizona Republic reports that the Arizona Theatre Company expects to post more than a $1 million deficit for this fiscal year. It marks the fourth year the company has ended significantly in the red.
The company's revenue dropped to $4.2 million this year and contributions were down about $300,000 to $1.7 million. However, the primary driver of the deficit seems to have been overly optimistic income projections.
The company had planned on a $7.3 million operating budget based on expectations of a large gift from a donor and a sharp increase in ticket sales. Neither materialized.
There have also been disagreements among the company's board members, the managing director and the artistic director.