UAA Board of Directors approves 2015-16 budget, projects to enhance student-athlete experience
Wednesday, June 10, 2015 | Baseball, Men's Basketball, Women's Basketball, Football, Men's Golf, Women's Golf, Gymnastics, Lacrosse, Soccer, Softball, Men's Swimming & Diving, Women's Swimming & Diving, Men's Tennis, Women's Tennis, Track and Field, Volleyball, Cross Country, Scott Carter
GAINESVILLE, Fla. -- The University Athletic Association Board of Directors approved a $112.8 million budget for the 2015-16 academic year on Tuesday, including an estimated $3.5 million of additional funds to enhance the student-athlete experience.
The Board also approved funding of $1.04 million for a joint venture between the UAA and UF Division of Housing to renovate the Keys Dorm Complex.
The renovation of the Keys Complex includes new entrance breezeways to improve security, stainless steel appliances, larger beds, new flooring and furniture.
Five of the nine buildings are being renovated this summer and plans are under discussion for additional buildings next summer.
“These improvements are crucial for the program and crucial for the university,'' Florida Athletic Director Jeremy Foley said.
A large portion of Wednesday's meeting centered on a $14.3 million line of credit backing a bond issued in 2001 that needs to be remarketed. The UAA is evaluating proposals from five banks in an attempt to keep its debt service at a reasonable figure in today's economy.
Foley has tried to keep the UAA's debt service under $100 million and enters a new budget year managing $95.6 million in outstanding debt.
"You've got schools out there with $200, $300, $400 million in debt,'' he said. "But that hasn't been our philosophy."
Finally, the board approved final expenses for the Gators' trip to the Birmingham Bowl. The Gators cleared about $56,000 from the trip after their projected budget fell in line with the actual costs.
Overall, Foley and the Board voiced an upbeat tone about the future and the latest budget proposal.
"They're a number of items in this budget that significantly impact our student-athletes,'' he said. "We will continue to look at ways to enhance their experience here."
