NORMAN – With the start of fiscal year 2020-2021, the University of Oklahoma Athletics Department announced initial cost reduction measures Wednesday that are now in place as a result of the global pandemic COVID-19.
The department has implemented budget cuts of approximately $ 13.7 million in controllable operating expenses, including a 10% pay cut for any employee earning a salary of $ 1 million or more per year. With these budget modifications, the department is also accounting for COVID-19 expenses, which involve testing protocols and increased security measures.
Despite these changes, the department maintains intact and protects all financial aid and services provided to student athletes, including accommodations for extended eligibility.
“Our goal is for all activities to operate as safely and efficiently as possible. That said, we are planning a series of contingencies and protocols that will leave us prepared for any number of scenarios.”
– Joe Castiglione
OU Vice President and Director of Athletics Joe Castiglione He said these reductions represent the department’s first steps in responding to the impact of COVID-19, noting that as the pandemic evolves, there may be reason for further action.
“We all understand that a number of circumstances will develop in the coming weeks,” he said. “Our staff continues to closely monitor our spending and revenue projections and we will take other steps as needed.”
Castiglione added that he was pleased that the department was able to balance its budget for fiscal year 2019-20.
“It is a testament to our staff and our practices that we were able to balance our budget for fiscal year 2020,” said Castiglione. “We have always benefited from the excellent teamwork in our department, but our staff has come together like never before. I am very proud of our people.”
Castiglione added that he remains optimistic about the upcoming school year.
“Our goal is for all activities to operate as safely and efficiently as possible,” he said. “That said, we are planning a series of contingencies and protocols that will leave us prepared for any number of scenarios.”
