Monthly financial reports for February and an annual financial report to December 31 were presented to the university council this week.
Chief financial officer Sharon Van Turnhout said the reports revealed 2018 had "started incredibly well"
Revaluations of the university’s land and buildings last December revealed their worth had increased by $200 million, and the annual report revealed the net worth of all of the University of Otago Group’s assets, current and non-current, hit $2billion at the end of last year.
The university group’s annual report also revealed operating cash flows of $25.38 million, which were "the highest ever in the history of the university", Ms van Turnhout said.
"It is an incredible result for us."
The annual report revealed the amount of external research funding received last year was higher than expected, at $122 million, rather than $108 million.
Ms van Turnhout said it was a "really important highlight" for the university. So far this year the university’s performance against budget was "incredibly close", but Ms van Turnhout noted building delays meant capital work was under budget this year. The university’s new research support facility, which will be used for animal and other research, has been delayed due to asbestos and boulders in the ground.
It is now due to be complete in May 2019.
A contractor has also not yet been appointed for the new $26 million music, theatre and performing arts complex, and it is unknown to what extent the delay will effect the construction time of the building, which was due to be complete mid-2019. The report said the new School of Dentistry upgrade and extension was continuing and the new 8000sqm clinical services building was was due for handover this December. The upgraded Science I building was being used for teaching again, but a specialist laboratory in the building and exterior landscaping were still to be completed.
Last year’s improvements to the university’s marine laboratory in Portobello ran over budget by about $1 million, due to health and safety requirements and an audiovisual system being more expensive than expected. The monthly financial report revealed lower-than-expected summer school enrolments caused the humanities and commerce division to be slightly behind budget, and lower-than-expected dental fees also had a negative affect on the health sciences division.
However several other departments were ahead of budget. At the meeting, pro-vice chancellor for the humanities Prof Tony Ballantyne was granted approval from the council to make changes to the Humanities Division, streamlining the department and cutting down on administrative costs.
The council unanimously gave Prof Ballantyne the green light to combine 16 academic units into seven schools, with the new structure operative from February next year.
No academic or administrative staff will lose their jobs as a result of the restructure, which is happening at the same time as the Support Services review in which 160 jobs will be cut.