John Currie announced Monday that the Kansas State athletics department will report a surplus for the fourth straight year when the 2014 budget is released soon.
The Kansas State athletic director released some information on the upcoming budget through his regular letter to supporters.
Four straight years of budget surplus comes after Currie inherited a budget in June 2009 that showed a $2 million projected deficit.
“Thanks to our terrific staff and coaches, who continue to make budget-conscious decisions every day in the best interest of K-State, and new department-wide measures promoting efficiency, as well as fund-raising success, we were able to turn that projected deficit into a first-year surplus of $5 million,” Currie wrote.
The 2014 budget will show a savings of $1 million in the administration line item, compared to last year. Currie said K-State completed the final payments for its inherited contractual obligations with former employees. The university settled the lawsuit with former football coach Ron Prince in fiscal year 2011 and has also been able to pay down the inherited operating deficit in K-State’s aircraft account.
Currie said working with a budget deficit has allowed K-State to do four things — invest in facilities, invest in people, invest in its programs and be self-sufficient. The university has spent $125 million on facility improvements alone. Currie said the surplus has improved K-State’s ability to “retain and reward” coaching staffs and invest in its student-athlete welfare, sports medicine and academic support.
“Our operating budget has risen from $44 million in our first year to $60 million this coming year,” Currie wrote.
That’s allowed the K-State athletics department to eliminate the subsidy support it was receiving from the university, effective last month. It was a process that started in February 2010 when the athletic department began reducing the $1.6-plus million in cash support it was receiving from the university at that time.