Cantor salary jumps £16,000 as University income rises
Recently released financial statements for the year ending July 2008 report a 16% rise in the University’s total income, while Vice-Chancellor Brian Cantor saw his salary increase by almost 8% – twice the rate of inflation.
Cantor, who saw his pay increase to over £205,000 in the financial year 2006-07, received a further increase of 8% over the past year, bringing his 2007-08 salary to £221,242.
Defending the pay rise, University Press Officer David Garner stated that most staff in the University received a minimum 3% pay rise in May under a national agreement.
According to Garner, “the VCs of the top 22 research intensive universities, of which York is a member, have a median total remuneration of £214,000 per annum”.
Garner also stated that the decision to increase the salary was taken by the University’s remuneration committee, which “based [its] decision on as assessment of individual performance and on data from comparable universities.”
Dr Simon Parker, acting President of the University and Colleges Union points out that the University is a World Top 100 university “thanks not only to the efforts of the Vice-Chancellor, but to the talent and dedication of our academic and related staff.”
He went on to comment that the UCU “expects that the ACAS-brokered talks with the University Employers’ Association will lead to a pay agreement that reflects our members’ contribution.”
Total income, excluding donations, has increased 11%, leaving an operating surplus of £12.3 million, £10 million more than last year’s surplus of £2.7 million. The University’s core activities also recorded an overall surplus, with the increased total income of £217 million showing a £30 million increase on last year. The operating cash flow, which last year was the highest ever at £13.3 million, dropped by 8.13% to £12.3 million.
The University’s net assets dropped by nearly £1 million this year, but are still considerably higher than any recorded before 2007. Similarly the net cash inflow from operating activities has dropped by just under £1 million.
The University also spent £696,000 on grants for YUSU, and a further £143,000 on grants for the GSA. These figures are not greatly changed from last year but have both risen with inflation.
The land needed for the new project at Heslington East cost the University £6.1 million, an amount which was doubled by grants from the HEFCE specifically for the land purchase.
The Heslington East expansion is estimated to cost £500 million.
Report Facts
Income
Total income: £217 million
Council grants: £46.5 million
Research grants: £50.5 million
Tuition fees: £46.5 million
Donations: £6.1 million
Increase of almost £30 million on previous year
Third-highest research income per academic in England
Expenditure
Total expenditure: £204.6 million
Staff costs: £117.5 million
Depreciation: £14.3 million
Interest payable: £3.7 million
Increase of almost £20 million on previous year
Over £75 million invested in research facilities over past five years
Assets
Fixed assets: £203.2 million
Endowment assets: £9.4 million
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Whilst at the same time, HYMS students have been given a real reduction in the amount of money they receive for travel, despite some students having to travel over a thousand miles at term!