GAINESVILLE, Fla. -- The University Athletics Association Board has approved the budget for the upcoming operating year.

The board members met on Monday and agreed to a 3.9 percent increase, proposing a budget proposal of $140.9 million.

With this increase UF continues to have one of the biggest operating budgets in college athletics.

"It's going to continue to support our student-athletes at a high level," athletics director Scott Stricklin said in a press release.

Although this year sees an increase, last year's budget saw an even higher increase at just under six percent, while the preview year Florida increased its budget by seven percent.

This decrease could very well come at the heals of declining ticket sales across college football.

According to the Florida report this budget is covered by revenues and contributions and will not depend on state funds.

In the report released by UF, it states that the average annual cost of a scholarship student athlete at Florida is is $68,438. "An amount that consists primarily of the cost of the scholarship (44 percent), travel (31 percent), sports medicine and health (13 percent), academic support (7 percent) and equipment (5 percent)," wrote Scott Carter.

The Florida football programs brings in over half of the program's revenue, with 59 percent, while men's basketball brings in 8 percent of revenue.

The UAA also announced that they will continue to upgrade the school's facilities by completing over $130 million of projects the next few years, including the new baseball stadium and a stand-along football facility.