Iowa on Tuesday announced $15 million in budget cuts to help bridge a budget shortfall induced by COVID-19.
Iowa had planned to spend $127.5 million in Fiscal Year 2021, but will now spend $112.5 million. The majority of the cuts will come in the form of reduced operating expenses, and the rest will come from pay cuts for athletics employees.
“None of this is easy for our coaches and staff. I appreciate their continued understanding in these uncertain times,” Iowa AD Gary Barta said. “The pandemic has dealt us a financial situation that requires difficult decisions. It is our responsibility to maintain a fiscally responsible operation while providing the highest level of service to our student-athletes.”
Employees earning $200,000 or above will see at least a 10 percent cut, those earning $150,000 above will see a 7.5 percent cut, above $100,000 will lose 5 percent, above $50,143 will lose 3 percent, and all others will lose 2 percent.
Additionally, senior-level employees will take more than 10 percent off their salaries:
— Kirk Ferentz will join three other head Hawkeyes in taking 15 percent off his base salary. An amendment signed in 2017 put Ferentz’s base salary at $2.77 million for the coming season, and 15 percent of that equates to $415,500.
— AD Gary Barta will slice 30 percent off his overall compensation. He signed a 3-year extension in 2019 that brought his salary to $1 million, meaning he’ll lose $300,000.
— Deputy AD Barbara Burke will lose 25 percent of her salary; she earns $267,800 according to the Des Moines Register, meaning she’ll lose just shy of $67,000.
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