USOC Approves $116.7-Million Annual Budget
The U.S. Olympic Committee on Tuesday announced approval of a 2005 budget that calls for $116.7 million in spending, 84% of it on programs supporting U.S. athletes or the sports federations that prepare athletes for the Olympic Games and Paralympics.
That exceeds the $92.8 million in revenue the USOC expects, but in a non-Olympic year, it is not uncommon for USOC spending to exceed income. The difference typically is made up in Olympic years, with revenue buoyed by television rights fees.
Overall, for the 2005-08 cycle, the USOC projects revenue of more than $575 million, up more than $100 million from the 2001-04 term.
Traditionally, the USOC approved four-year budgets, but spokesman Darryl Seibel said it was switching to annual budgets for “greater flexibility.”
The USOC also announced that it had trimmed staff by 40 slots, to slightly more than 400, down from 550 when Jim Scherr took over as acting chief executive nearly two years ago.
Seibel said the trims were “part of an overall effort to ... make certain we are as efficient and effective as possible.”
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