https://theosceola.com/notes-fsu-sets-2019-20-budget-acc-distribution-to-increase/
Months of long hours repairing a broken 2018-19 athletics budget is now complete.
Florida State athletics director David Coburn and various administrators found solutions to the fiscal year’s budget through cost-cutting and is now balanced thanks to a $6.15 million additional transfer from Seminole Boosters, Inc. The Booster transfer will be funded by the liquidation of real estate held by the Boosters for such a need.
“It’s the product of a lot of hard work, a lot of cutting, a lot of effort from the part of a lot of people,” Coburn said. “We got there.”
Coburn and the FSU athletics board met on Wednesday afternoon and approved a proposed 2019-20 budget of $108.07 million – an increase from $106.95 million in 2018-19.
Among the highlights detailed by finance committee chair Joe Icerman and Coburn:
– The projected ACC distribution for 2019-20 is $32,076,073, an increase of $2.37 million from 2018-19. The additional revenue factors in money expected from the new ACC Network. Then-FSU athletic director Stan Wilcox had said in 2017 that revenue would jump by $8 million – $10 million annually but Coburn said that number is not accurate.
– Athletic operating revenues are projected to fall from $84 million to just under $75 million. The major difference is football tickets, which are projected to be $8.45 million lower in 2019 ($14,995,000 vs. $23,445,000).
– FSU has sold 24,000 season tickets and the budget is built on a foundation of 25,000 season tickets sold. But FSU officials are optimistic that its flex-ticket packs, previously detailed by Jerry Kutz, will entice fans to Doak Campbell Stadium in 2019.
Sales for FSU’s opener against Boise State in Jacksonville have already exceeded what was budgeted. The Aug. 31 kickoff was recently set for 7 p.m., which should help fans who want to enjoy the beach, golf or go fishing before going to watch the game.
“We have a very conservative number budgeted in there for ticket revenue,” Coburn said. “If we can make our nut there and these flex packages sell, we win a few games and start getting some walk-up business, all of that will help.”
– FSU will receive $4 million to buy gear from Nike, up from a $2.8 million allowance in 2018-19.
– FSU will host a Top Golf event this summer, although a date has not been released. Coburn said school officials are working with a group to promote concerts at Doak Campbell Stadium and are “actively looking” at options.
– Ross Cobb has been hired from the University of Arizona to be FSU’s new Chief Financial Officer. Longtime FSU athletics administrators Bernie Waxman (Associate AD for Facilities and Event Management) and Dr. Greg Beaumont (Senior Associate AD for Student-Athlete Academic Services) are retiring this summer.
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