COVID-19’s cost on University of Tennessee System totals $147 million

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KNOXVILLE, Tenn. (WATE)- A familiar story out of the University of Tennessee this week as leaders grapple with the impact of COVID-19 on finances and the bottom line.

The issue isn’t unique to the UT System, but it’s one the Board of Trustees learned more about during the two-day virtual meeting.

For the UT system, there are millions of dollars at stake, jobs, educations, and the safety of tens of thousands of people.

“The net loss for the system, excluding UT athletics, was only $9 million dollars. we have reserves to be able to cover for that,” said UT System President Randy Boyd.

$147 million is the total lost, according to documents provided to the Board of Trustees. That total includes UT Knoxville football losses and lost revenue without special events on campus.

This total is partially offset by $21 million in federal and state grants, $54 million in reduced expenditures, and a $10 million reduction in budgeted savings.

The net amount not offset is $62 million. The total impact of UTK football is $40 million and an estimated reduction of $13 million in other auxiliary revenue from special events, parking, vending, conferences, etc. The net impact without these additions is $9 million.

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