The Georgia athletic association’s finance committee approved a fiscal year 2018 budget of over $127.5 million at a meeting late Tuesday afternoon.
This budget is an increase of over $4.5 million from last year’s budget of over $123 million.
The previous 2016 and 2015 budgets increased by $5.6 million each.
The proposed 2018 budget will go up for approval at next week’s UGA Athletic Association full board meeting.
The proposed budget took into account the following factors, per assistant athletic director of business operations Stephanie Ransom: this year’s football season will feature six home games, $41.9 million received through the SEC Network and additional money in multimedia contracts.
“The bulk of increase has gone to make the student-athlete experience better,” UGA athletics director Greg McGarity said during the meeting.
The expected $127.5 million Georgia’s athletic department will be able to spend will go toward increases in staff, travel for sports teams, recruiting, hosting home games and nutritional expenses for student-athletes.
The fiscal year 2018 for the UGA athletic association begins July 1.
According to vice president for finance and administration Ryan Nesbit, the Georgia’s athletic association’s operating reserve started out at around $60 million and has $22 million committed to facility projects.
During the meeting, the finance committee revealed that $43.7 million of the athletic association’s money is in a long-term investment, with overall earnings of $8.7 million. A number of $7.5 million is being invested a short term fund with earnings of $549,000.
“The short-term fund allows us to invest but also have that available to then fund the project expenses as they’re being incurred,” Nesbit said. “You commit ‘x’ amount of dollars to a project it doesn’t mean those funds are required immediately. Those are being invested more short-term, so we’re able to realize some investment return but also have them available to fund a project.”
In addition, McGarity said planned renovations to Stegeman Coliseum will take place shortly after local high school commencement ceremonies are held Friday and Saturday.
Renovations include a center-court scoreboard, additional seating, improved lighting and an new sound system.
“We’ll have a few days to set up and mobilize,” McGarity said. “It’ll be completed in the fall. Tight construction window.”