3 months into budget year, athletics has spent 54% of its 2019-20 budget

Just three months into the new budget year which began on July 1, FAMU athletics has spent or encumbered more than 54 percent ($5,484,345) of its $10,231,120 approved budget for 2019-20, according to a financial status report provided to the FAMU Board of Trustees yesterday.

The Financial Status report was dated September 11, 2019.  

According to the documents provided by Interim VP & CFO Richard Schweigert, athletic department spending was trending toward $10.8m ---$600,000 more than approved. Prompting the CFO to put new spending controls  on the department to try to get the rampant spending under control.

After reviewing athletics, three prior years of actual revenue for the department, Schweigert revised the 2019-20 projections downward to $8.4m from the Board approved $8.9m.  At the August Board meeting budget officials had initially projected athletic revenues for the year at $10.4m, those revenues had to be adjusted downward to $9.4m, and then again to $8.9 m.

Among the new spending controls implemented are a hiring freeze within the athletic department beginning October 1.

Related: Part-time Dep. AD makes $80k 

Related: Fuzzy math used to create athletic budgets