Vols T logoKNOXVILLE - The University of Tennessee athletic department posted a surplus of $60,880 for the 2013-14 fiscal year, according to figures the department released on Wednesday afternoon.
For the fiscal year ending in June, Tennessee athletics reported a revenue of $103,542,111 and expenses totaling $103,481,231, and the net surplus will be added to the department's reserve fund, which "remains the lowest amongst peers in the Southeastern Conference," according to Tennessee's release.
Tennessee athletics also approved an operating budget of more than $104 million for 2014-15.
More than 50 percent of the department's revenue came from net ticket receipts ($31,477,399) and annual donations ($24,908,676), with another $21 million coming from distributions from the SEC.
The largest expense, according to Tennessee's release, went toward the compensation and benefits for coaches and other employees, which totaled more than $35 million.
Due to amusement taxes levied on ticket sales by Knox County and the City of Knoxville, Tennessee paid more than $1.5 million more to those entities on top of more than $3 million in other state and local sales taxes. The athletic department is making efforts to get the amusement tax repealed.
Another $1,285,000 went to the university for the campus parking garage debt service.
As part of the plan, instituted in November 2012, for the athletic department to withhold $18 million in historical annual transfers to the university over a three-year period, Tennessee athletics withheld more than $2 million in 2013-14, and the remaining balance in that reinvestment plan is a little more than $1.4 million.
Contact Patrick Brown at pbrown@timesfreepress.com.