Student Union financial crisis to be resolved
The situation is Bonn Square is looking up
A new audit of the Student Union’s accounts has revealed that their budget, which was reported as being in crisis by The Oxford Student at the beginning of term may be on the way to recovery, writes Samira Shackle. A deficit of over £100,000 was discovered in the Student Union finances, with errors found in the budget for 2005- 06, as well as in the anticipated accounts from 2004-05, both of which were produced by the previous team of OUSU sabbatical officers.
However, members of this year’s team now say the actual shortfall is likely to be roughly one third of the originally reported estimate, after a series of minor budget cuts and an increase in funds raised by publishing arm OSSL. Business Manager Rob Vance explained, “We’ve opened up new areas of revenue through things like online advertising. This is the direction in which our union needs to move in the future.
Vice President (Finance) Chris Allan said, “I am confident that we will break even this year. “Tighter financial control and the continuing diversification of revenue streams in recent months have significantly improved our financial situation. “We haven’t actually had to lose much • all the cuts have been in basic costs like the suppliers we use for printing and to provide the gowns, so we have not really lost any services.
Student Union President Emma Norris said she was encouraged by this review. “This puts the student union in a far more stable position. Now we’ve got to look to the future to ensure continued financial safety.” The team are working with a financial consultant to ensure that the student union’s financial position continues to be healthy in the long term.
Despite fears that the student union would have to ask for financial help from the university, in fact the turn-around has been effected without a grant. “The university have been supporting and advising us throughout,” Allan said.
2nd Mar 2006