MIAMI BEACH (CBS4) – The fantasy of the ballet has been stalled by the real world of money, as financial turmoil at the Miami City Ballet has sent the executive director packing.

Nicholas Goldsborough was removed from his post Saturday, according to CBS4 news partner The Miami Herald, after he allegedly failed to meet fund-raising targets and management goals.

Members of the ballet were told of the change Friday, and Ballet officials Chief Financial Officer Jonah Pruitt would become acting executive director.

The turmoil at the top is surfacing as the nationally acclaimed ballet company is still wrestling with the unexpected early retirement of Edware Valella as founding director.

In addition to the changes in management, ballet officials said there would the pay cuts and unpaid furloughs for employees of the ballet school and staff.

Pruitt said it’s all about money, telling The Herald that the Ballet was in a cash crisis and the board was forced to urgently reduce expenses.

Past financial records have shown the ballet is about $2 million in debt, but no financial information was revealed Friday.