Finley Stadium had an operating surplus of $181,372.54 during the 2016-17 fiscal year, the seventh consecutive year that the 20,668-seat home of the University of Tennessee at Chattanooga football team and the Chattanooga Football Club soccer team has finished in the black.
The 2016-17 year included the resignation of Paul Smith and the hiring of Chris Thomas as the stadium's executive director.
Stadium Corp. board member Ryan Crimmins praised Thomas and his Public Markets Inc. staff for their work, which began on an interim basis in early April and transitioned to full-time status in late June. Crimmins, the treasurer, said in May that breaking even was "possible" for 2016-17.
"If you had told me then that we would wind up here, I would have said you were crazy," Crimmins said Tuesday.
Chattahooligans cheer during Chattanooga FC's soccer match against Carolina United FC at Finley Stadium on Saturday, June 24, 2017, in Chattanooga, Tenn.
UTC quarterback Alejandro Bennifield looks for an open receiver during UTC's spring football game day at Finley Stadium on Saturday, April 8, 2017, in Chattanooga, Tenn. This year's spring game was an open practice followed by a 40 minute scrimmage.The streak of surpluses at Finley began in 2011, when Merrill Eckstein was executive director, and it continued under Smith and now Thomas. Finley had $1,884,870.28 in total income this past fiscal year, with food and beverage ($813,470.91), facility rental ($456,472.72), and contributions and license agreements ($334,914.59) leading the way.
Of the $1,703,497.74 in expenses, $595,631.24 went to salaries, payroll service fees and employee benefits.
Thomas proposed a budget for the 2017-18 fiscal year that contains a projected $1,626,300 in revenue and a projected $1,593,300 in expenses for a $33,000 surplus.
"These are conservative numbers," Thomas said. "We didn't want to make assumptions that aren't accurate."
The 2017-18 budget was quickly approved by board members.
Thomas said the next three to five years will provide some challenges as far as capital repairs to the facility built in 1997. Board chairman Gordon Davenport said each skybox has its own HVAC unit, most of which are from 20 years ago.
"We're living on borrowed time," Davenport said.
Tent fever
There is a new addition to UTC football games this season, as eight tents have been set up overlooking the field from the end zone on the opposite side of the First Tennessee Pavilion. UTC senior associate athletic director Andrew Horton said the tents cost $1,500 per game and include 12 seats, free parking, a 32-inch television and full EPB fiber optic service.
Two of the eight tents have been sold for the season, while the other six are available on a per-game basis.
"It's a terrific way to view the game," Davenport said.
Contact David Paschall at dpaschall@timesfreepress.com or 423-757-6524.