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FSU AD Randy Spetman says 2012-13 athletic budget is balanced

FSU AD Randy Spetman explains newly balanced budget

Florida State Athletic Director Randy Spetman gave his athletics update to the Florida State Board of Trustee during the BOT's quarterly meeting in Sarasota on Friday morning. Spetman told the BOT that the previously reported $2.4 million budget has been wiped away. Here is the transcript of that exchange:

FSU Athletic Director Randy Spetman: I know that part of the discussion has been through the budget process that next year's budget, it was described that we had a budget deficit for next year and (it was reported). It was, again, terminology.

We had what I call a budget gap or disconnect between what was a snapshot at the time and December with the Seminole Boosters thought they could give us and what we had budgeted for. We took it to committee, we set our budget back, we looked at it, we looked at all the different avenues in that regard and (Boosters CEO) Andy Miller and I looked very closely in where we could go with that in that we reduced our budget by an additional $1 million and then went with Andy and we started a series of initiatives, 25 different initiatives we put in place, things that have come up that we didn't know were going to happen or we weren't sure - we're in the middle of a beverage negotiation for the athletic department that realistically looking there could be extra money from that. Andy has done some adjusting of some of the fees he's charged. His annual fundraising has been better than he had predicted also.

And we also have the ability - I hadn't sat down with the President and we have yet to finalize this - but the athletic department has a $1.5 million reserve that the boosters are holding for us that we have had there and we were looking maybe long term and that can be a possibility, in which it still will, to use that for the painting of the stadium. Well in the short term and what we know for the future and we're not ready to paint the stadium for a few years, we were going to go to the president and be allowed to use that $1.5 million. So we have closed that gap, and we will go into next year with a balanced budget for next year.

Trustee Emily Duda: What are you going to use the $1.5 million for, were you going to use it to balance your budget?

RS: We were going to use it this year to balance our budget then replenish it as the TV contract comes in in the future.

Trustee Mark Hillis: So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?

RS: Yes.

Trustee Mark Hillis: "So we didn't have (the deficit) and we took a lot of when we shouldn't have?

RS: I guess I'll take the credit for the budgeting process and letting it get ahead of us. They reported accurately what they saw in the athletic board, but yet the process that was completed. We will in the next couple of weeks close that out and move forward.

Trustee Andy Haggard: Whatever word you use, we don't have a deficit?

RS: No, we do not have a deficit. We're fully...

Trustee Andy Haggard: Alright.

Trustee Emily Duda: So we are going into next year with a surplus?

RS: Well, it will not be a surplus, no, because we are going to borrow from our reserves for next year.

Trustee Emily Duda: You won't keep your painting money for next year, you will use it.

RS: Yes.

Trustee Emily Duda:: For next year.

RS: Yes.

Trustee Emily Duda:: But then your TV revenues will kick in

RS: But as they kick in, and other initiatives that we are starting, and (Boosters CEO) Andy (Miller) and I are working very aggressively on some of the different pricing increases in ticketing, diff way to market our program and the annual fundraising.

Florida State NEWS


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