But the man charged with delivering the project believes the increase is ''within the scope of normal contract variations''.
Former long serving Dunedin City councillor Colin Weatherall is co ordinating the project and told the Otago Daily Times there were some challenges, but nothing too concerning.
Initial pricing suggested the project would cost about $2million but that amount was estimated to climb by about $300,000, Weatherall said.
''There will be some increase over the original tender price but it is within the scope of normal contract variations, I would think,'' he said.
''There is no doubt the change in the US rates for steel and light fittings will affect us to some degree, but they are things we will live with.
''In my original work for the OCA [Otago Cricket Association], I did indicate that I felt the budget was marginally tight.''
In June, the Dunedin City Council agreed to put in a million dollars towards helping fund the floodlights part of the project and the OCA is responsible for raising the remaining funds.
OCA chief executive Mike Coggan and chairman Murray Hughes are leading the fundraising efforts and Coggan is confident of securing any required additional funds.
''When you add every thing up ... we may be shy possibly $50,000 to $100,000,'' Coggan said.
''But we believe we have some good traction with New Zealand Cricket, in terms of an underwrite, if we are left with that little bit extra to go and find.
''I'm really confident we won't be too far off at the end of the day.''
If only lighting up the University Oval was as easy as flicking a switch.
It will be eventually, of course, but the other factor putting pressure on the budget is the cost of the footings.
''One of the challenges we've got is the foundations or the footings for the lighting towers,'' Weatherall said.
''We've just done some geotech drilling on site ... and we have three towers which are at a comfortable depth. But there is one corner which we are having to go [dig] a little bit further.
''Engineering a solution is not a problem ... but it will affect the cost. At the moment, I'm still waiting to get the design to a point that I can put it out to tender.''
The University Oval is on reclaimed land. The area was formerly Lake Logan.
There is a solid grounding about 12m down for three of the four towers but the fourth hole will need to be significantly deeper at about 27m.
Once the final cost is known, the next major step will be to lodge a notified consent with the Dunedin City Council. Weatherall hoped to do that by late October, early November.
''We are hoping to have approval by the end of February and then, subject to fundraising, we can go into the build phase over the winter, ready for summer 2016,'' he said.
