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

 

Culture: Pukeahu Park ANZAC Day Commemoration 2015

Pukeahu Park ANZAC Day Commemoration 2015 Images from New Zealand Defence Force Click for big version A bugler plays The Last Post Click for big version A View from the top of the Carillion Click for big version Faces old and young Click for big ... More>>

Television: MediaWorks Announces Dancing With The Stars Hosts

MediaWorks and BBC Worldwide ANZ are delighted to announce host Dominic Bowden alongside co-host Sharyn Casey for the hit series Dancing with the Stars. More>>

Art: World Premiere Of In Pursuit Of Venus [infected]

World Premiere of in Pursuit of Venus [infected] opens this Saturday at Auckland Art Gallery Toi o Tāmaki More>>

Fashion: The 11th ID International Emerging Designer Winner Announced

Emerging Kiwi fashion designer Steve Hall has taken out the top prize at the 11th annual iD International Emerging Designer Awards held at the Town Hall in Dunedin, New Zealand. More>>

Review: Singin’ In The Rain

Singin’ in the Rain , the wet and wonderful musical production all the way from London’s West End, officially opened at St. James Theatre in Wellington. More>>

Francis Cook: Gallipoli: The Scale Of Our War – First Look

Te Papa today allowed media access to their new exhibition Gallipoli: The Scale of Our War . The exhibition was curated with help from Weta Workshop to deliver an immersive, realistic and even disorienting experience. More>>

ALSO:

Bats Theatre: Letters From The Front Brings ANZAC Letters Alive

Inspired by centenary commemorations, improv troupe Best on Tap is producing a show based on real-life letters sent to and from New Zealand soldiers in the First World War. More>>

ALSO:

Get More From Scoop

 
 

LATEST HEADLINES

 
 
 
 
Education
Search Scoop  
 
 
Powered by Vodafone
NZ independent news