The University of New Mexico has some work to do.
On Tuesday, a report from the Albuquerque Journal was released that highlights a disappointing $1.54 million deficit for the university’s athletic department from the most recent fiscal year.
A big part for the deficit was the school missing ticket revenue projections by $975,000.
In addition, they missed fundraising goals by $200,000.
If all of that wasn’t bad enough, team operations cost and event/game management expenses exceeded projects by a whopping $1.2 million. Therein lies the problem that led to the athletic department finishing so far in the red.
“We’ve got to do a better job of managing our funds, but we also need help,” said Vice President for Athletics Paul Krebs. “We need help from our fans to continue to support us and I think we’re going to have to continue discussions with the university.”
New Mexico has missed budget in seven of the past nine years. When you are losing money that regularly, there are going to need to be some major changes or the school could eventually be forced to make some cuts.
Let’s hope it doesn’t come to that.