250 News - Your News, Your Views, Now

October 27, 2017 9:25 pm

Symphony Orchestra Loan Stays on the Books

Monday, August 29, 2016 @ 6:45 PM

Prince George, B.C.- The Prince George Symphony Orchestra  will have to  continue to pay the balance of a loan it was granted in 2005.

That loan was originally for $50 thousand dollars, and  was to be paid back by 2020.  The loan was aimed at bailing out the Symphony during a financial  crunch.  There is still a little over $17,500 left  to be paid.

Not allowed to make a profit because it is a  society,  John DeGrace, President of the Prince George Symphony  Orchestra  Board told Council the Symphony’s Board has approved what he calls a “very cautious budget” for 2016/17 which  should leave them with a slight surplus at the end of the year.

Councillor Jillian Merrick  said she was struggling  with the request, given  a similar loan  forgiveness request  ( the BCNE)  was denied.

Councillor Brian Skakun said  he could not support the request  “We have to send a message to the community that if you borrow money from the City, you have to  pay it back.”  He favoured  reworking the terms of the agreement.

Councillors Terri McConnachie, Frank Everitt  and Murry Krause echoed the thoughts of Councillor Skakun, but proposed  the Symphony meet with the City Administration to see how  the payment plan could be revised.

The Symphony already gets a  grant from the City ( $58 thousand this year) Symphony Week  begins  September 6th  in Prince George.

DeGrace says the Symphony remains committed to “repay the loan by 2020 come hell or high water”.

City Administration has been directed to work with the Symphony on developing a  revised payment plan.





As it should be.


They adhered to the principle = borrowed money must be repaid. It does make sense because making exceptions might open a floodgate of others expecting the same. Perhaps our local MPs can find a one time bailout in the Federal Arts funding budget, the one which is being restored to what it used to be!

Comments for this article are closed.