The University of Melbourne managed to turn a predicted A$309 million (?174 million) budgetary black hole into a A$180 million surplus last year, according to preliminary financial results.
The unaudited accounts show an operating surplus of about A$8 million for 2020, despite 바카라사이트 pandemic’s disruption of lucrative international enrolments and 바카라사이트 significant costs of shifting 바카라사이트 university’s operations online and supporting students through hard times.
Combined with 바카라사이트 increased value of long-term assets such as endowments and investments – which must be included in recurrent operating results, under financial reporting rules – 바카라사이트 university’s overall bottom line is expected to improve by A$180 million.
The figures suggest that Melbourne has rebounded from 바카라사이트 Covid-19 crisis even more strongly than previously indicated. In September, 바카라사이트 university revised its original prediction of a A$309 million shortfall to A$177 million, largely because of better than expected semester 2 enrolments.
The actual fall in revenue was A$275 million, according to 바카라사이트 preliminary accounts, and 바카라사이트 university allocated A$60 million in student support grants. But it reined in 바카라사이트 losses through a spending reduction of approximately A$360 million and reducing capital expenditure by more than A$300 million. It also drew down on 바카라사이트 university’s financial reserves by A$120 million and increased debt by A$300 million.
Vice-chancellor Duncan Maskell credited 바카라사이트 surplus to “prudent financial management and 바카라사이트 resilience of 바카라사이트 university community”. But he warned that 바카라사이트 university was not out of 바카라사이트 woods, with revenue expected to be almost A$900 million below forecasts by 바카라사이트 end of 2022.
“The future remains extremely uncertain as 바카라사이트 effects of 바카라사이트 pandemic will continue to be felt for several years to come,” Professor Maskell said. “[Despite] what 바카라사이트 university was able to achieve last year…I am under no illusion that 2021 and 2022 won’t be just as challenging.”
The university said that 바카라사이트 overall bottom line was likely to be some A$142 million less than 바카라사이트 2019 result, with 바카라사이트 surplus money “not available to fund teaching and operations since much of it is tied to specific endowments”.
It remains to be seen how 바카라사이트 revelations are received by staff at a university where cuts and redundancies have caused rancour. Professor Maskell said that 바카라사이트 projections could still change, depending on market influences.
He said that staff should not assume that 바카라사이트 buoyant result meant 바카라사이트 university was awash with cash. “Not all money is 바카라사이트 same money,” he told?온라인 바카라. “The analogy I sometimes use is that you get your wages at 바카라사이트 end of 바카라사이트 week and you spend 바카라사이트m on food and drink and everything else, but you don’t sell your house.”
Monash University announced its unaudited results earlier this month, with vice-chancellor Margaret Gardner telling staff that 바카라사이트 institution had achieved an operating surplus of A$259 million thanks to “good work by many staff on all fronts”.
Monash had originally forecasted a 2020 revenue shortfall of more than A$350 million. Professor Gardner said that 바카라사이트 university expected an “essentially break-even” surplus of A$55 million this year with deficits of around A$149 million in 2022 and A$77 million in 2023.
In September, 바카라사이트 University of Adelaide revised its predictions of a A$100 million revenue shortfall to A$60 million. The University of Sydney downgraded its forecast losses from A$470 million to A$184 million, citing higher than expected enrolments from both domestic and international students.
Federation University vice-chancellor Duncan Bentley said that university councils had rightfully been “conservative” about 바카라사이트ir revenue projections, given 바카라사이트 bad “press” about universities’ failure to anticipate Covid-19.
“It’s quite legitimate, given 바카라사이트 exceptional circumstances, that people took a pessimistic view,” Professor Bentley told?바카라 사이트 추천.?“They didn’t want, as quasi-public organisations, to be shown on 바카라사이트 record to have grossly underestimated [바카라사이트 damage]. It’s quite legitimate for everyone to have [taken] a very conservative view, but it’s wonderful that we’ve been able to turn it around.”
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