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Tertiary institutions in strong financial position


author:Beehive

Steven Joyce

28 September, 2010

Tertiary institutions in strong financial position

New Zealand's publicly funded tertiary institutions are generally in strong financial positions and are well-placed for future challenges and growth, says Tertiary Education Minister Steven Joyce.

He is commenting after the Tertiary Education Commission's release today of a report comparing the financial information of tertiary institutions between 2007 and 2009.

The report shows that in 2009


  •  Universities had a combined surplus of $98m
  • Polytechnics had a combined surplus of $70.6m
  • W?nanga had a combined surplus of $14.2m

"In the two year period, overall government funding to institutions has increased significantly.


"Universities have enjoyed an increase of 12.6 per cent; polytechnics 11.1 per cent and w?nanga have seen an increase of 27 per cent.


"At the same time, net assets within each sector have risen from $5.3 billion to $5.7 billion (7.5 per cent) at universities, $1.4 billion to $1.6 billion (14 per cent) at polytechnics, and $123 million to $218 million (77 per cent) at w?nanga."


"Finally, non-government funding for each sector has also grown substantially, from $1.5 billion to $1.7 billion (13 per cent) at universities, from $328 million to $373 million (14 per cent) at polytechnics, and from $23 million to $27 million (17 per cent) at w?nanga."


"It's pleasing these institutions are responding strongly to the Government's focus on value for money and fiscal responsibility in the current economic situation.


"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 on 100 per cent on core student places, as well as the new performance funding requirements.


"While the Government's budget is limited, institutions are well placed.  Institutions and the Government are working hard to manage the change well and to support quality teaching, learning and research."


"The TEC has also recently released data on the educational performance of institutions. Both sets of information ensure transparency and public accountability for the use of taxpayer funding in tertiary education institutions," says Mr Joyce.

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