The Otago Polytechnic has started the year with an operating surplus of more than $3 million, $673,000 better than budgeted.
Commenting on a summarised financial report tabled at last week's Otago Polytechnic Council meeting, polytechnic chief executive Phil Ker said the polytechnic was continuing to perform well financially and educationally.
A total of 3282 equivalent full-time students (EFTS) had enrolled at the polytechnic as of February 29.
This outcome was 109 EFTS better than budget but this was an early figure and reflected "mostly timing" issues against the budget, accompanying notes pointed out.
The report, for the first two months of the calendar year, commented that revenue, at $14,019,000, was $129,000 better than budgeted. And spending, at $11,017,000, was $544,000 lower than budgeted.
Much of the favourable variance in the net operating surplus had resulted from "early timing" against the budget.
Capital expenditure amounted to $1,323,000, which was $169,000 below budget.
This, again, was timing-related and reflected the phasing of "buildings, plant and computer equipment" spending, the report noted.
