Recently released statements for the financial year finishing June 2007 report a 12% rise in the University’s total income over the past 12 months. At £13.6 million, the operating cashflow was the highest it has ever been.
All sectors exceeded inflation and this, combined with effective cost control, helped to achieve an operating surplus of £2.7 million, a marked increase on the previous total of £500,000. An overall surplus was also recorded by the university’s core activities. The increased consolidated income of £187 million is almost £20 million more than the previous year. Also, the University’s net worth rose to £141.8 million.
In his report, University Treasurer David Dickson attributes the year’s success to a number of factors. About a quarter of the increase in consolidated income is due to higher tuition fees for UK residents and growth in the income from overseas student fees accounts for a further 10%.The conclusion of a successful bond issue raised £66 million and the University’s endowment fund increased in value from £6.3 million to £7.5 million.
Plans to manage resources more efficient failed to reduce expenditure overall, but are expected to deliver more in the future as new policies become more ingrained.
Senior university officials are keen to emphasise that they will take full advantage of the healthy financial situation. In a recent speech, Vice-Chancellor Brian Cantor emphasised the dedication to improving campus facilities, specifically referring to plans for the new Heslington East campus. The project won planning permission in June 2007 and will, inevitably, feature significantly in capital expenditure over the next year.
University Press Officer David Garner is emphatic, however, that while “the University’s most ambitious capital expansion” is an exciting and important venture, improvement works on the Heslington West site remain “a priority”.