The board says federal pandemic relief helped the organization stay afloat, but much of its endowment is restricted by donors and cannot be used for routine operating expenses.

Internal financial records show the symphony had more than $8 million in net assets at the end of 2022. Since then, expenses have outpaced revenue and fundraising, reducing cash reserves. The board says it has cut the deficit by 70% through more fundraising, lower administrative costs and stronger ticket sales, but donations this year came in below expectations.

Isabel Tannenbaum, the symphony’s assistant principal viola, said musicians were prepared to accept their share of cuts to keep performances going. She also called for greater openness about past financial decisions and the organization’s plans going forward.

Board members said they delayed sounding an alarm because they wanted to avoid interrupting performances or reducing the orchestra’s size. Some board members contributed personal funds or made loans while the organization began a fundraising campaign, but those efforts were not enough to prevent the suspension.

The pause leaves uncertainty for musicians and audiences, as well as for the future use of Symphony Hall. City of Phoenix officials said the city would do what it could to accommodate the symphony—or other businesses brought into the hall—if the season continues.