Operating surplus ahead of budget

At the end of August, Otago Polytechnic's operating surplus stood at $2.699 million, $469,000 (17.4%) ahead of budget.

A financial report tabled at yesterday's polytechnic council meeting showed revenue for the year was $55.853 million, $200,000 less than budgeted, while expenditure was $53.154 million, a saving of $668,000 compared with the budget.

The report said the higher-than-forecast operating surplus was due in part to timing.

Equivalent full-time student numbers at the end of August were 3767.5, 1.2% more than budgeted.