Nate Rau

nrau@tennessean.com

The Nashville Symphony and the musicians' union have reached agreement on a long-term pact that will mean raises for the musicians and needed labor peace for both sides.

The Symphony announced the four-year agreement with the Nashville Musicians Association in a press release on Monday evening.

The agreement, which goes into effect immediately, provides 3 percent pay increases for the first two years of the deal. The musicians may enter into a wage renegotiation for each of the last two years of the deal.

Last year, with the Schermerhorn Symphony Center facing foreclosure, the musicians took a 15 percent pay reduction and worked on a one-year deal.

"We are thrilled that we have reached an agreement which recognizes our musicians' critical importance to our organization and the sacrifices they have made," Nashville Symphony president & CEO Alan Valentine said in a prepared statement. "We look forward to working with our immensely talented orchestra as we continue to focus on restoring the Nashville Symphony to full fiscal health, and we are grateful for our musicians' continued commitment to that goal."

The labor deal comes amid a year on the upswing for the Nashville Symphony, which reported gains in fundraising and ticket sales. The organization had to tighten its belt last year when benefactor Martha Ingram stepped in to stave off foreclosure and the nonprofit organization's banks forgave millions in debt.

The 2013-14 season saw the Nashville Symphony sell 166,000 tickets, which was a 26 percent increase from the previous season. Fundraising is up 71 percent to more than $6 million.

An audit released earlier this year showed the Symphony had reduced its debt to under $23 million and cut operating expenses by $10 million. In addition to musicians, Symphony executives, including Valentine, also took pay cuts.

"The Nashville Symphony has experienced a significant turnaround in the past year, made possible in large part because of the genuine spirit of teamwork and cooperation we have established with our musicians," Valentine said. "This agreement reflects the strength of that spirit, and we are now poised to deliver another year of outstanding music and community engagement programs to the people of Middle Tennessee."

Reach Nate Rau at 615-259-8094 and on Twitter @tnnaterau.