Seattle Opera announced today that the company anticipates a shortfall for the 2011-2012 season. The company has operated without a deficit for 18 of the past 19 seasons, so this is cause for concern. As a result, the International Wagner Competition will replace Die Meistersinger von Nürnberg for Summer 2014. The Young Artists Program will produce a concert with orchestra instead of a fully-produced opera in the upcoming season, and will go on hiatus for the following season. There will also be operational reductions including leadership salary cuts, lower artist fees, and the net loss of four full-time staff positions.