- Associated Press - Wednesday, October 1, 2014

KNOXVILLE, Tenn. (AP) - Tennessee is in the black with its athletic budget - barely.

The university reported its budget details Wednesday with a surplus of $60,880 for the 2013-14 fiscal year.

Tennessee had operating revenues of $103.54 million with expenses of $103.48 million. The university says the surplus is going in its athletic reserves, which remain the lowest in the Southeastern Conference.

After the athletic department reported a $3.98 budget deficit in 2012, Chancellor Jimmy Cheek announced the department could keep a total of $18 million in previously generated revenues over the next three years instead of contributing the money annually to the university as it had done previously. The athletic department enters the 2014-15 fiscal year with a $1.44 million left from that $18 million to help out next year’s budget.

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