NU Athletics: '08 budget $2 million smaller
BY RICH KAIPUST
WORLD-HERALD BUREAU
LINCOLN — Nebraska's athletic budget is scheduled to decrease by more than $2 million in this fiscal year, and a major reason is an 18-percent decrease in debt payments.
Nebraska's expenses for the 2007 fiscal year, which ended June 30, included almost $10.2 million in debt and lease payments. That figure is projected at $8.3 million for 2008.
Nancy Kenny, chief financial officer for the NU athletic department, said the lower figure is the result of recent payoffs of a lease agreement for Haymarket Park and an improvement project for the Devaney Center.
"The rest of our debt is primarily associated with the West Stadium skyboxes and this new building (Osborne Complex)," Kenny said Tuesday.
"Like most Nebraskans, we strive to be very aggressive in the lowering of our debt obligations. This is a priority for us, and we are very proud of our track record in this area."
Nebraska projected its 2008 budget at $66.7 million. The 2007 budget was $68.9 million.
The 2007 budget included a one-time expense for the $5 million video board at Memorial Stadium. That was mostly covered under transfers from the University of Nebraska Foundation, which are projected to drop from $16.8 million to $10.8 million.
Ticket revenue is projected to increase 13 percent to $31 million in 2008. Football ticket prices increased 8.3 percent this year. Kenny said another portion of the increased revenue will come from men's basketball — with three more home games, a slight increase in ticket prices and an expected rise in sales.
The budgeted deficit for Husker basketball is just more than $675,000, but Kenny said that figure does not include television-related revenue. If included, she said, "men's basketball would finish in the black."
NU's debt payments will decrease again in 2009 when the last payments are made on the 10-year bond for the $36 million West Stadium project. By 2010, the only major debt to be paid off will be the remaining portion of a 20-year bond for the $35 million borrowed for the Osborne Complex and North Stadium renovation.
Of the $40 million the athletic department hoped to raise, Kenny said, current contributions and pledges total about $31 million. About $3.5 million in revenue is generated annually by the new North Stadium seats, skyboxes and contributions that go with them.
BY RICH KAIPUST
WORLD-HERALD BUREAU
LINCOLN — Nebraska's athletic budget is scheduled to decrease by more than $2 million in this fiscal year, and a major reason is an 18-percent decrease in debt payments.
Nebraska's expenses for the 2007 fiscal year, which ended June 30, included almost $10.2 million in debt and lease payments. That figure is projected at $8.3 million for 2008.
Nancy Kenny, chief financial officer for the NU athletic department, said the lower figure is the result of recent payoffs of a lease agreement for Haymarket Park and an improvement project for the Devaney Center.
"The rest of our debt is primarily associated with the West Stadium skyboxes and this new building (Osborne Complex)," Kenny said Tuesday.
"Like most Nebraskans, we strive to be very aggressive in the lowering of our debt obligations. This is a priority for us, and we are very proud of our track record in this area."
Nebraska projected its 2008 budget at $66.7 million. The 2007 budget was $68.9 million.
The 2007 budget included a one-time expense for the $5 million video board at Memorial Stadium. That was mostly covered under transfers from the University of Nebraska Foundation, which are projected to drop from $16.8 million to $10.8 million.
Ticket revenue is projected to increase 13 percent to $31 million in 2008. Football ticket prices increased 8.3 percent this year. Kenny said another portion of the increased revenue will come from men's basketball — with three more home games, a slight increase in ticket prices and an expected rise in sales.
The budgeted deficit for Husker basketball is just more than $675,000, but Kenny said that figure does not include television-related revenue. If included, she said, "men's basketball would finish in the black."
NU's debt payments will decrease again in 2009 when the last payments are made on the 10-year bond for the $36 million West Stadium project. By 2010, the only major debt to be paid off will be the remaining portion of a 20-year bond for the $35 million borrowed for the Osborne Complex and North Stadium renovation.
Of the $40 million the athletic department hoped to raise, Kenny said, current contributions and pledges total about $31 million. About $3.5 million in revenue is generated annually by the new North Stadium seats, skyboxes and contributions that go with them.
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