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Tai Poutini Polytechnic received a $3.6 million bailout from the Government today to allow it to keep operating.
The Government also hinted that transitional funding may also be available for the struggling polytechnic.
In December, a Crown manager was appointed, citing a significant financial deficit and declining student numbers at the Greymouth-based facility.
Tertiary Education, Skills and Employment Minister Paul Goldsmith said today it would get a short-term capital injection of $3.6 million.
"The Government is committed to ensuring continued access to tertiary level vocational education and training on the West Coast. We recognise the importance of this access for the ongoing economic and social development of the region," Mr Goldsmith said.
Late last year the polytechnic forecast a significant financial deficit as a result of falling student numbers.
The funds would ensure the polytechnic could continue to operate and meet its financial commitments in the short-term.
Beyond that, a new business model and operating structure was being developed.
"Short-term funding has been extended on the understanding that the Crown manager continues to promptly assess future options. I would expect to have a robust business case by mid-year that suggests a way forward.
"If additional funding to support any transitional arrangements is required, it can be further addressed then," the minister said.
An independent investigation into the actual level of education delivery, against the Tertiary Education Commission's funding agreement, is being completed and may have a further impact on finances at Tai Poutini Polytechnic.
Polytechnic council chairman Andrew Robb said the funding acknowledged the work that had been under way since Murray Strong was appointed Crown manager.
"Today's funding announcement means the institution can continue to operate while we push ahead with plans for the future."
The polytechnic said in March student numbers had jumped by almost 20% this year.