Tennessee avoids deficit in 2012-13 budget
KNOXVILLE, Tenn. (AP) – One year after posting a $3.98 million deficit, Tennessee is posting a slight surplus in its athletic budget for the 2012-13 fiscal year.
Tennessee announced Thursday in a university release that it had posted revenues of $114.29 million and expenses of $114.26 million, allowing the school to deposit $25,588 in its cash reserves. The information was first reported by the Knoxville-News Sentinel.
In an attempt to improve the budget situation, Tennessee chancellor Jimmy Cheek announced in November that the athletic department could keep $6 million each of the next three years instead of contributing that money annually to the university as it had done previously.
School officials say they’re budgeting $95 million in both expenses and revenues for the 2013-14 fiscal year.
