The University of Otago ended July with more than $150 million in cash on hand as it prepares for its massive building programme.
The financial statements for the first seven months of the year were tabled at this week's university council meeting and chief financial officer Sharon van Turnhout said its cash position continued to be ''strong''.
It ended the month with $154.498 million in cash on hand, which was $4.214 million more than it budgeted and $12.759 million ahead of where it was at the same time last year.
The pile-up of cash comes as the university plans for its more than $650 million building programme. Construction is expected to start on some major projects next year.
The operating surplus for the first seven months was at $12.876 million, which was $3.416 million less than budget and $3.84 million less than where it was at the same time last year.
The lower-than-expected surplus was largely because lower student enrolments had cost it $2.431 million and $2 million in insurance proceeds it had budgeted to receive this year actually came in last year.
The reduction in income had been partially offset by $880,000 in energy savings, due to continued investment in consumption controls, improved contract pricing and a mild early winter.
