update on ucc 2014 financial position heads & managers forum 17 th january 2014
TRANSCRIPT
Update on UCC 2014 Financial
position
Heads & Managers Forum
17th January 2014
Summary
Provisional Grant Allocation 2014
Impact on Budget 13/14
CORE Grant
Additional funding constraints
Options to address forecasted income shortfall
Plan for a deficit – S.37 Letter
Reduce budget allocations/expenditure –
Beyond 2013/14 – Delivery of Income Generation Project Targets
Provisional Grant Allocation 2014
Specific Key Points to note -
Overall reduction in sectoral funding is 7.2%
Core Grant across sector is 15.5% lower than
2013
UCC grant for 2014 is just over €34m
(€40.8m in 2013) – a reduction of
c.16.5%
TCD recorded the biggest reduction – 17.2%
As in 2013 €25m of cash will not be allocated
to the sector in 2014
Top Slicing by HEA for Strategic Initiatives
continued
Impact on Budget 2013/14
CORE Grant – shortfall of c.€900k vs. Budget
Additional funding constraints
Funding for Pension costs associated with FTWA
Contribution from subsidiary companies expected to be lower than budget
Estimated Overall Income Shortfall - €1.6m
Options to address income shortfall in 2013/14
Plan for deficit – S.37 letter -
consequences
Reduce budget allocations and
expenditure in remaining 9 months of
financial year 13/14
Delay recruitment
Reductions in budgeted non pay
expenditure
Departments cannot exceed budgets
Beyond 2013/14
Income Generation Projects –
critical to addressing funding
shortfall
International Student
Recruitment
Advancement
EU Postgraduate Recruitment
On Line Learning
CPD
Q&A
Thank
you