The Chicago Symphony Orchestra announced Saturday that it’s taking broad steps to cut costs for the next two fiscal years, including a 2.5 percent reduction in pay for all orchestra members, starting July 1.

The Chicago Federation of Musicians, which has had contentious dealings with the CSO administration in the past, says its members have “voluntarily” agreed to the cut. Other money-saving measures include a 10 percent reduction in administrative staff (already achieved through attrition), and continuing salary and hiring freezes.

Audience alert: changes to previously announced programming are also in the works. The CSO says it’s responding to a slowdown in ticket sales and contributions, as well as a decline in the value of its endowment.