Univ. Of Tennessee Athletic Department Hopes To Break Even In '13-14
Univ. of Tennessee officials yesterday "expressed optimism that a round of belt-tightening would help the Vols show a balanced budget in the fiscal year that ends this month," according to Evan Woodbery of the KNOXVILLE NEWS-SENTINEL. Senior Associate AD/Business Operations & CFO Bill Myers told the BOT yesterday that athletic department expects to "break even in the 2013 and 2014 fiscal years." Myers projected $99M in "expenses in the 2013 fiscal year that ends June 30" and a $96M budget for the fiscal year ending June 30, 2014. The department spent $106M "in the 2012 fiscal year." But Myers said that the department’s “'prudent financial decisions' would pay off when the football team’s revenue grows along with its win total." Myers said, "A year ago we told you about a $3.9 million deficit because ticket sales were not where we wanted them to be and donations were not where we wanted them to be." Woodbery notes UT used its "reserve fund to cover the deficit and then started cutting costs, including the elimination of 19 athletic department jobs, closer scrutiny of nonconference scheduling and a review of utilities and infrastructure." Myers added that UT President Joe DiPietro and Chancellor Jimmy Cheek have been "supportive of the department and 'understand our business very well.'” Myers also said that the budget "doesn’t benefit for coaching buyouts 'coming off the books'” (KNOXVILLE NEWS-SENTINEL, 6/20).