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.
- Coronavirus Timeline: Total COVID-19 cases near 175K, deaths now stand at 2,097 in the state
- CHART: Tennessee Department of Health’s count of coronavirus cases by day in state
- Greene County mayor extends mask mandate through September 30
- Video and pictures of packed house party near KU campus spark concern as virus cases rise
- Tennessee Coronavirus: Two weeks into September, state has seen a 12.48% increase in COVID-19 cases and a 19.56% increase in deaths
- Coronavirus in Tennessee: Knox County reports smallest 1-day increase in new cases so far in September
- Oxford and AstraZeneca resume coronavirus vaccine trial
- Tennessee Coronavirus: Total COVID-19 cases reach 171,824 with 933 new cases reported Sunday
- Coronavirus in Tennessee: Inactive cases rise by 204 as Knox County reports 121 new cases & no new deaths
- As Trump played down virus, health experts’ alarm grew
- Dakotas lead US in virus growth as both reject mask rules
- Tennessee Coronavirus: COVID-19 deaths hit 2,064 with 39 new ones reported Saturday
- Coronavirus in Tennessee: Inactive cases rise by 229 as Knox County reports 189 new cases & 3 new deaths
- As restaurants, bars re-open amid coronavirus, CDC study urges caution
- Ohio college students test positive for coronavirus, throw party