It won’t solve all of the budget issues surrounding Florida State’s athletic department.
But a total payout expected to reach $16.8 million from the Atlantic Coast Conference certainly helps the department avoid some tough decisions as the close of the 2011-12 fiscal year approaches.
The money, $2.7 million more than what FSU originally anticipated back in January, also sheds light on a complicated budget process that has appeared to be a moving target in recent weeks as the Democrat has tried to determine what Florida State earned as a member of the ACC this year.
FSU senior associate athletic director Kevin Terry, who oversees the finances for the department, said the confusion is understandable because of how far in advance the budgeting process begins.
Terry said his original budget for 2011-12 used $14.1 million as the projected payout from the ACC this year. (Note: Terry’s original budget worksheets also included $1 million in travel costs for a bowl game in football – an item that was separated from the original ACC projection.)
“That’s what people don’t understand,” Terry said. “They think that it’s a set number and you’re good to go. But it is a moving number. We have to budget on the revenue side very conservatively because we don’t know if they will come up with more money or how much.”
What FSU officials learned last week was this was a better-than-expected year for ACC finances.
The league was able to disburse more money to member schools in part because two ACC teams earned spots in the Bowl Championship Series (BCS) this past season. Favorable ticket sales at the ACC’s championship events in football and men’s basketball also helped the bottom line.
The league sent FSU a check on June 1 for nearly $7 million -- $6,997,398.85, to be exact. That money will allow the athletic department to balance its 2011-12 budget without dipping into cash reserves.
That payout brought FSU’s total take from the ACC to $15,552,174.01 for the fiscal year. An additional $1.3 million is expected from the league office in September once a year-end audit is completed, bringing FSU’s total payout for 2011-12 to $16,852,174.01.
The September payment is already factored into the 2011-12 budget.
Comments are already being made was the $ given to them to make them happy. The tough decison they were going to have to make was if they didn't get more money, then they would have to lay of professors or close departments.
Here's an article about how much FSU spends on Football on recruiting.....lesson for Maryland?