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Georgia Tech's '18 Budget Calls For Break-Even Year; School Will End '17 In The Red

The projected budget for Georgia Tech's FY '18 "calls for a break-even year" in which revenues and spending will be $84.3M, according to Ken Suguira of the ATLANTA JOURNAL-CONSTITUTION. The projected spending for the FY '17, which concludes June 30, will be $81.3M. Spending on salaries "will increase" 9% from the original '17 budget, from $26.4M to $28.8M. GT CFO Marvin Lewis said, “Many of our salaries are at the lower tier of the ACC. What we want to do is slowly make strategic increases to get us to the midpoint over time." The budget calls for a 17% "increase in ticket sales" -- $12M to $14.1M. The department is "counting on the football team’s favorable home schedule" and the "optimism in the men’s basketball team to drive sales." The distribution from the ACC is budgeted for $27.8M, which is $2.2M "more than the budgeted allotment" for FY '17. Meanwhile, FY '17 "will end" in the red. Due to some of the "more significant highlights of the year" -- the football trip to Ireland and the team’s overall success, the postseason runs by both basketball teams and the hire of AD Todd Stansbury -- the budget is "projected to finish" with a $2.9M deficit, which is "$500,000 more than the original projection." Extra costs "outpaced unscheduled revenue gains." The department earned $1.3M in "unbudgeted revenue from leasing Bobby Dodd Stadium and McCamish Pavilion" to Atlanta United and the WNBA Dream, respectively. Lewis said that the department has "netted about $200,000 for each game that the expansion MLS team has played" (ATLANTA JOURNAL-CONSTITUTION, 6/16).

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