New York City's Metropolitan Opera says it has ended its 2014 fiscal year with a $22 million shortfall in its budget.
But the opera company said in a statement Thursday that steps including new labor contracts are expected to bring in enough savings to balance the budgets in the 2015 and 2016 fiscal years.
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The Met says its cost controls also include cutting 22 administrative staff jobs and reducing departmental budgets by $11.25 million. Its statement didn't reveal the size of the overall budget.
The Met, the nation's largest performing arts organization, ran a $2.8 million deficit last season on a budget of $327 million.
Fifteen unions representing about 2,500 workers reached labor agreements with the Met over the summer.