The ASU Intercollegiate Athletics department will be ending the 2002 fiscal year with a $3.3 million budget deficit, lower deficit than initial projection of $3.4 million.
The Arizona Board of Regents will review the fall update of the 2002 fiscal year All-Funds Operating Budget, in which ASU reported the ICA's revised debt today at UA.
In accordance with ABOR policy, ASU, NAU and UA will submit their budget revisions and reallocations for all state and local operating budgets to explain how all deficits will be met in the coming fiscal year.
Amy Flora, assistant director for business affairs of the ICA, said the department plans to eliminate its negative fund balance by June 2004 and higher ticket sales predictions lessened the projected deficit.
"The deficit primarily came about due to revenue shortfalls in men's football and men's basketball," Flora said. "We are predicting a better season for our teams and plan to reduce the deficit by increasing attendance in the games and also with the addition of the PAC-10 men's basketball tournaments this season."
The ICA has reduced expenditure in some of the operating areas like marketing and administration with the latter facing a 5 percent budget cut. However, there have been no cuts made in the sports budget, Flora said.
"ICA, like the bookstore, is a self-supporting auxiliary unit, and we support our budget with sponsorships, ticket sales, television rights, gifts, grants and the PAC-10," Flora said.
Reach Vedatrayee C. Banerjee at ctitam@hotmail.com.
