The Met, saying it needs to cut expenses, has been involved in acrimonious labor negotiations with its three primary unions.
It reached a tentative agreement last month a four-year contract with the American Guild of Musical Artists, which represents the chorus and solo artists; resumed negotiations this month with Local One of the International Alliance of Theatrical Stage Employees, which represents stagehands and has been locked out since Dec. 8; and is negotiating with Local 802 of the American Federation of Musicians, which represents the orchestra and has a contract that expires July 31.
Revenue dropped from $307 million in the year ending July 31, 2019, to $295 million in the year ending last July 31, and expenses fell from $313 million to $263 million.
Salaries fell from $240 million to $199 million.
The Met listed net assets at $78 million, down from $103 million. Secured notes and mortgages increased by $11.5 million to $57 million and other liabilities, including federal income tax and payables to third parties, rose by $67.6 million to $213 million — of which $194 million is pension obligations.
The endowment fund rose from $249 million to $264 million.