A real administrative earthquake shakes the Teatro Lirico Foundation of Cagliari. The Board of Auditors expressed an unfavorable opinion on the approval of the 2026 budget and the 2026-2028 multi-year budget, opening a phase of strong uncertainty for the future of the opera company.
The official rejection
The verdict is contained in Minutes no. 483 of the Board of Auditors, which met on 24 December 2025 remotely. The session was attended by the president Acheropita Mondera, representing the Court of Auditors, and the members Fabio Lupo (MEF) and Nicola Cau (MIC).
The object of the examination was the budget proposal – 2026 and three-year budget 2026-2027-2028, transmitted by the Foundation on 16 December and subsequently supplemented by clarifications. At the end of the analysis, the Board approved a very harsh report, culminating in the formal rejection of the accounting document.
Revenues deemed unreliable
According to the Auditors, the central issue concerns the reliability of revenue forecasts. In the 2026 income statement, the value of production is estimated at 27,349,785 euros, with an increase of over 4.9 million euros compared to the 2025 preliminary balance sheet.
An increase deemed not adequately supported by objective elements. The greater expected revenue would derive above all from the increase in revenue from sales and services (tickets, season tickets, concessions, sponsorships) and from “other revenues” linked to fundraising activities. For the College, however, these estimates are based more on optimistic expectations than on concrete data.
Growing costs and staff constraints
On the cost front, production costs are increasing compared to 2025 and are also estimated at 27,349,785 euros. The most relevant items remain those relating to staff, both employees and non-employees.
The auditors highlight how it was not possible to verify compliance with some contractual and regulatory limits, including:
- containing the increase in personnel costs;
- compliance with the 25% ceiling for staff leaving in 2025 in the case of new permanent hires (as required by law 207/2024);
- the maximum ratio of 15% between the cost of fixed-term and permanent staff, established by the CCNL.
Fragile balances and the principle of prudence disregarded
The Board recognizes that the budget formally breaks even, but underlines that this balance is only apparent. Also weighing is the expected reduction in current assets and financial income, due to the allocation of resources towards new fixed assets.
According to the Auditors, the Foundation did not respect the principle of prudence which must inspire the drafting of the budget forecast, exposing the institution to potential economic-financial imbalances during the financial year.
The final verdict: unfavorable opinion
The conclusion is clear and without appeal: «For everything stated so far – we read in the report – we believe it is necessary to express an opinion not in favor of the approval of the 2026 and multi-year budget estimates for 2026-2028».
The Board also invites the Foundation to constantly monitor the economic-financial dynamics, to avoid the risk of compromising the budget balance.
The Board of Directors nevertheless decided
Despite the unfavorable opinion of the Board of Auditors, the Board of Directors of the Teatro Lirico Foundation of Cagliari has resolved to approve the annual budget forecast for 2026 and the three-year budget for 2026-2028, together with the artistic programming. The resolution also provides that any additional revenue will be allocated as a priority to strengthening the Foundation’s assets and mandates the Superintendent to implement a series of stringent operational requirements: from the strengthened monthly monitoring of cash flows and economic-financial performance, to the timely communication of any budget deviations, up to the transmission of detailed reports on revenues from ticketing, sponsorships and fundraising. A choice that marks a clear assumption of political and managerial responsibility, destined to fuel institutional discussion in the coming weeks.
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