$how Me The Money
STEPS HAVE BEEN taken by the University General Board to eliminate a projected budget deficit of £9 million for the academic year 2000-01, according to a report by the Oxford University Gazette. The Board had originally expected a deficit of about £5.6 million for the year, but new funding items, approved by the Resources Committee brought the total to an astounding £9 million.
The deficiency, which is the result of a disparity between the University's HEFCE grant and expenditure assumptions for the year, is being undercut by a number of university-wide reductions, including a basic 2% budget cut across all areas of the University and a deferment of some expenses to University trust funds. But these measures present only a temporary solution for Oxford's budget, which has experienced a yearly decline in HEFCE grant increases since 1997. The University Planning and Resources Allocation Committee will have to consider a radical reorganization of its financial tactics to prevent future deficits like this one. But according to one University representative, the General Board has no current plans concerning next year's budget: "The Board really can't take any actions on next year's budget until more figures come in," said one press representative.
As of now, the University is content to have achieved a balanced budget for the year, despite the number of costs cut in the process. One University spokesman said, "Initial financial forecasts showed that if we did not take management initiatives that we would have to return a deficit for the budget, however, steps have been taken not to return a deficit in this year's budget."
23rd Nov 2000