Education Policy | Post Primary | Preschool | Primary | Tertiary | Search

 


UC reports annual deficit but showing signs of recovery

Media Release: UC reports annual deficit but showing signs of recovery

February 27, 2013

University of Canterbury (UC) Vice-Chancellor Dr Rod Carr said despite its annual result UC was, like Christchurch city, already showing some signs of recovery.

UC has reported an annual $67 million deficit, with most of it ($60 million) attributed to earthquake recovery impacts ($40 million) and a one-off adjustment to the depreciation of library materials ($20 million). This compares to the 2011 result of a $28 million surplus, the most significant difference being the additional building damage identified.

Ignoring the earthquake recovery impacts and library adjustment the result would have been a deficit of $6.6 million, which compares to a budgeted deficit result of $17 million and a 2011 reported surplus of $7.3 million.

Contributing to this year-on-year movement was increased expenditure of $4.5 million to attract students to UC and a $3 million increase in insurance premiums, Dr Carr said.

``On the positive side, first-year student numbers were 14 percent higher than expected and total operating revenue increased by $2.4 million from 2011, an improvement on budget of $17.5 million.

``However, there has also been an increase in the assessed value of costs to remediate damage to campus buildings from $120 million in 2011 to $390 million in 2012. This is largely due to more information being available to make this assessment based on engineering reports, invasive testing and detailed inspections after strip out.’’

Dr Carr said he was positive about the future of UC.

“The University’s earthquake recovery strategy is based on a vision of the institution being better than it had been pre-earthquakes. This year we will launch the new UC Quake Centre in partnership with some of New Zealand’s leading companies; we will establish a new Student Innovation Centre to help our innovative students develop their bright ideas; and we have established a new undergraduate Bachelor in Health Sciences qualification and new Masters degrees in Engineering Mathematics and Earthquake Engineering.

“But it is critical that the University progress its negotiations with the Government for funding support to advance its areas of distinctiveness.”

Cabinet agreed in principle late last year to provide capital support in these areas and invited UC to develop more detailed business cases.

“We appreciate the Government’s understanding of our situation and its recognition of the need for support. We are now working with the Government to determine the optimum level and options. This will need to be treated with some urgency to ensure we remain financially viable.”

Dr Carr said UC had continued to improve its educational performance and was ranked second in New Zealand for course completion and progression to higher levels of study.

``It is indeed a tale of two universities, where we are addressing the post-earthquake financial realities while we continue to make a difference through our research and teaching,” Dr Carr said.

ENDS

© Scoop Media

 
 
 
 
 
Culture Headlines | Health Headlines | Education Headlines

 

Bodega: Venue Closing At The End Of The Year, After 25 Years Of Music

"It is with considerable sadness that, for reasons beyond our control, we regret to announce the closure of Bodega’s doors at the end of this year, after 25 years of faithful and committed service to live music in Wellington." More>>

Memorabilia: Te Papa Buys Peter Snell Singlet

Te Papa has purchased the singlet worn by Peter Snell at the 1964 Tokyo Olympics at an auction this morning at Cordy’s auction house in Auckland. More>>

ALSO:

Scoop Review Of Books: Women At The Centre

In the first chapter of her epic History of New Zealand Women, Barbara Brookes places a version of the Māori creation story alongside that of the Pākehā colonists, setting the scene for how each society saw women. The contrast is startling. More>>

In Auckland Art Gallery: A Tour Of Duty

I had already started my journey through the exhibited collections when an audio announcement about a guided tour to embark shortly from the foyer was made, I decided to join in. Why not? More>>

Art: ‘Holiday’ Wins IHC Art Awards

An intricate embroidered cushion by Wellington artist Jo-Anne Tapiki has won the 2016 IHC Art Awards and $5000. Jo-Anne started working from IHC’s Arts on High studio in Lower Hutt 18 months ago and this is the first time she has entered the competition. More>>

‘Quasi’: Christchurch Art Gallery Reveals Rooftop Sculpture

Christchurch-born and internationally renowned artist Ronnie van Hout has had a huge hand in Christchurch Art Gallery's latest outdoor installation. More>>

Get More From Scoop

 
 

LATEST HEADLINES

 
 
 
 
Education
Search Scoop  
 
 
Powered by Vodafone
NZ independent news