UT athletic department hopes to break even after dealing with $4M deficit last year
Evan woodbery, govolsxtra
Jun 20, 2013 at 1:42 AM
KNOXVILLE — One year after plunging football fortunes forced Tennessee’s athletic department into a $4 million deficit, officials expressed optimism that a round of belt-tightening would help the Vols show a balanced budget in the fiscal year that ends this month.
Bill Myers, the department’s chief financial officer, told UT’s board of trustees on Wednesday that the Vols expect to break even in the 2013 and 2014 fiscal years. Myers projected $99 million in expenses in the 2013 fiscal year that ends June 30 and a $96 million budget for the fiscal year ending June 30, 2014. The department spent $106 million in the 2012 fiscal year.
“If you look at other BCS schools of our caliber, budgets are not going down,” Myers told the trustees on the Finance and Administration Committee. “So this is not necessarily a good thing.
But Myers said the department’s “prudent financial decisions” would pay off when the football team’s revenue grows along with its win total.
Continue reading at GoVolsXtra.