Forecasts Massive $11.4 Million Surplus

30 November 2005

University Forecasts Massive $11.4 Million Surplus

The University of Canterbury Students' Association today expressed its concern over the University of Canterbury's current forecast. The University of Canterbury is currently forecasting a massive $11.4 million dollar surplus, this result comes after a five percent increase in domestic and international student fees for 2006 and this even despite a budgeted surplus of only $6.6 million.

"This surplus flies in the face of the University's claim that the fee increases for 2006 were needed to maintain financial viability in the future. The University budgeted a $6.6 million surplus for 2005 but now it seems like the University is massively profiting off the back of students. This is a matter of social responsibility, we know the University didn't budget for this surplus, and resultantly doesn't need it," George Hampton, UCSA President, said.

"The University constantly claims it is in a bad position, but it's not hungry, it doesn't accumulate debt daily and it isn't the weakest party," Hampton said, "Students should not be funding university's to make massive surpluses."

ENDS

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