Figures released by the Tertiary Education Commission (TEC) today show publicly funded tertiary institutions are generally in sound financial positions, Tertiary Education Minister Steven Joyce says.Financial details showed the performance of tertiary edu
Figures released by the Tertiary Education Commission (TEC) today show publicly funded tertiary institutions are generally in sound financial positions, Tertiary Education Minister Steven Joyce says.
Financial details showed the performance of tertiary education institutes improved markedly in 2009 with an overall surplus of 4.3% from a revenue base of about $4.2 billion -- $2.1 billion of which is government funding.
Institutes of technology and polytechnics reported a surplus of 6.3%, universities 3.4% and wananga 7% -- all above the 3% TEC guideline.
In 2009 universities had a combined surplus of $98m, polytechnics $70.6m and Wananga $14.2m.
The report said the improvements in financial performance were principally due to an overall increase in student enrolments and government funding, and improved financial management.
Mr Joyce said in the two-year period to the end of 2009, overall government funding and non-government funding to institutions had increased significantly and that it was pleasing to see institutions responding well to the government's focus on value for money and fiscal responsibility.
"The times ahead will continue to be challenging for the sector as institutions adjust to changes which will see us move away from remaining 'capability' funding to funding based 100% on core student places, as well as the new performance funding requirements."
Mr Joyce said while the government’s budget was limited, institutions were well placed for future challenges.
