UC seeking fiscal stability despite challenges

August 29, 2013

The University of Canterbury, while still facing challenges following the 2010 and 2011 earthquakes, is making considerable progress as it seeks fiscal stability.

The University today released its six monthly result to the end of June. Without insurance proceeds, the University reported a small business as usual operating surplus of $641,000. When insurance proceeds are included, the University reported a $24.9 million surplus.

Vice-Chancellor Dr Rod Carr says the first half of the year saw an acceleration in UC’s regeneration of its built environment.

``The large-scale remediation programme is in full swing and both the James Hight and the exciting new student space in the Undercroft were ready for the new academic year in February. Despite the disruption, which all staff are managing with great professionalism, UC continues to deliver a full range of teaching and research activities.

``UC has retained its position in the top three per cent of the world’s universities. These achievements demonstrate the outstanding commitment and resolve of UC’s staff and students who continue to strive for excellence in challenging financial times.

``We have been encouraged by the support and encouragement we have received from the Government, Treasury and Tertiary Education Commission.

``We are also looking to the Government for some significant funding of large construction projects, and while uncertainty as to any decision remains, our UC Futures business cases are receiving close consideration.

``There have been losses in student numbers since the earthquakes and we are making hard choices to align costs with the resulting reduced revenues. We have expanded our already extensive student recruitment effort, with new initiatives, scholarships, pathways, courses and programmes that are attracting the attention of prospective students, and retaining those already here.

``International student enrolment in the long term is planned to receive a boost from our relationship with global education provider Navitas, which will commence modestly in October this year, but with exciting potential for 2014 and beyond.

``Domestic students coming to UC directly from high school from outside of Canterbury, which increased by eight percent year on year, are showing increasing interest in coming to UC. This is a vote of confidence in what we are doing as a university, and in the rebuild of Christchurch.

``Our financial results show we have operating revenue of $141.7 million and operating expenditure of $141 million. But we are forecasting a $13 million loss for 2013.

``UC continues to work closely with its insurers, who have proved to be supportive and reasonable in the complex discussions on applying the insurance policy in this extraordinary situation.

``This is a time of opportunity, and we are acting accordingly. We have plans in place to use the opportunities created by remediation and rebuilding to create a modern built environment for teaching and research.

``We are moving forward as a community and projecting that spirit. The regeneration of Christchurch, in which UC is investing significantly, has really begun,’’ Dr Carr says.

ENDS

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