Sound Familiar?
- By Guardman
- Premium: Collision Course
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Good Read on Florida State financial issues.
https://floridastate.rivals.com/new...crunch-but-coburn-sees-light-at-end-of-tunnel
FSU faces financial crunch, but Coburn sees light at end of tunnel
snippet:
"While soaring operating expenses are an issue for every college athletics program, Coburn said the Seminoles’ current predicament is compounded by a handful of big-ticket, one-time expenditures.
There was the buyout FSU had to pay to hire Willie Taggart away from Oregon, which according to published reports was about $4.5 million. Since then, FSU has picked up more expenses related to the hiring and firing of several assistant coaches. Coburn said all of those payments will be on the books for another two or three years.
The Seminoles also are paying off the new HD scoreboards and ribbon boards that were installed in Doak Campbell Stadium before the 2016 and ‘17 seasons. FSU also has had to invest about $4.5 million in infrastructure and technology to prepare for the new ACC linear television network, which is set to launch later this year.
And then there have been other unanticipated costs, including a newly enacted 21-percent excise tax on salaries in excess of $1 million.
When Coburn left his full-time position as chief of staff for FSU President John Thrasher and took over the athletics department, one of the first things he did was cut expenses by freezing vacant positions, eliminating non-essential travel and reducing administrative costs. That helped somewhat, slicing about $600,000 from a nearly $110 million budget.
But now that he has been in this position for nearly six months, Coburn said he knows there are too many fixed costs to balance the budget by trimming.
“Over the long term, because so many of our costs are fixed – coaching salaries, scholarships and recruiting -- [the solution] is going to lie in revenues,” he said. “I’m working at it every day. We’re going to drive some revenues to this place.”
https://floridastate.rivals.com/new...crunch-but-coburn-sees-light-at-end-of-tunnel
FSU faces financial crunch, but Coburn sees light at end of tunnel
snippet:
"While soaring operating expenses are an issue for every college athletics program, Coburn said the Seminoles’ current predicament is compounded by a handful of big-ticket, one-time expenditures.
There was the buyout FSU had to pay to hire Willie Taggart away from Oregon, which according to published reports was about $4.5 million. Since then, FSU has picked up more expenses related to the hiring and firing of several assistant coaches. Coburn said all of those payments will be on the books for another two or three years.
The Seminoles also are paying off the new HD scoreboards and ribbon boards that were installed in Doak Campbell Stadium before the 2016 and ‘17 seasons. FSU also has had to invest about $4.5 million in infrastructure and technology to prepare for the new ACC linear television network, which is set to launch later this year.
And then there have been other unanticipated costs, including a newly enacted 21-percent excise tax on salaries in excess of $1 million.
When Coburn left his full-time position as chief of staff for FSU President John Thrasher and took over the athletics department, one of the first things he did was cut expenses by freezing vacant positions, eliminating non-essential travel and reducing administrative costs. That helped somewhat, slicing about $600,000 from a nearly $110 million budget.
But now that he has been in this position for nearly six months, Coburn said he knows there are too many fixed costs to balance the budget by trimming.
“Over the long term, because so many of our costs are fixed – coaching salaries, scholarships and recruiting -- [the solution] is going to lie in revenues,” he said. “I’m working at it every day. We’re going to drive some revenues to this place.”