University $1.2m better than budget

The University of Otago has achieved an operating surplus of about $14 million for the first four months of the year, which is $1,247,000 better than budget.

A financial review report tabled at this week's University Council meeting noted that the university had achieved greater than budgeted research income, amounting to about $1 million.

The university had also benefited in several other ways, compared with earlier pro-jections, including unbudgeted research surpluses ($963,000), salary savings and delays in the appointment of staff ($811,000) and through timing and savings of expenditure ($2,150,000).

Those favourable changes had been partly offset by the timing of scholarship payments ($1,246,000), higher maintenance and occupancy costs ($1,070,000) and lower than budgeted international student tuition fees ($1,721,000).

In the report, financial service director Grant McKenzie said the university's cash flow remained strong.

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