UNLV’s athletic department budget report was unanimously approved Friday by the Board of Regents after being presented for a second time because of concerns about the department’s large debt.
At the quarterly meeting with regents in March, UNLV reported that its athletic department was nearly $27 million in debt. The board didn’t approve the fiscal year 2024 report because there didn’t appear to be any action planned to reduce the shortfall on future projected annual budgets.
UNLV interim president Chris Heavey said Friday the university is confident about its ability to balance the budget despite the volatile environment in college athletics.
Heavey said UNLV is leaning on increased ticket sales, money from donors and up to $24.1 million from the Mountain West after the university agreed to stay in the conference instead of leaving for the Pac-12 with five other MW schools.
“We have been working very hard to put in place a plan about how to make sure that we can have a sustainable level of institutional support in our athletics program,” Heavey said. “We think we’re on a sustainable trajectory, but it’s something that we’re evaluating on a continuous basis.”
UNLV’s fiscal year 2024 budget showed the athletic department generated $46.8 million in revenue versus $67.7 million in expenses for a $20.9 million loss. Adding the $5.8 million deficit from the prior fiscal year, the overall debt is $26.7 million.
The fiscal year 2025 budget is projected to break even with $67 million in revenue and $67 million in expenses projected.
Joseph Arrascada, one of the most outspoken regents at the March meeting, praised leadership for the revised budget. UNLV transferred $5.3 million into the athletic department budget for FY24, which has led to some regents, including Arrascada calling UNLV’s budget a $30 million deficit.
Arrascada said he hoped the university’s plan would be effective to avoid a repeat of the March meeting.
“Although the UNLV athletic (department) continues to be, to talk about the white elephant in the room, $30 million in debt, there are plans and efforts … to get it back into the black and out of the red,” Arrascada said.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
