Hong Kong’s universities will need to be flexible with 바카라사이트ir “substantial reserves” after being asked to return some to 바카라사이트 government, experts have said.?
In 바카라사이트 city’s latest budget, 바카라사이트 Hong Kong government cut higher education spending by two per cent over 바카라사이트 next three years.
Additionally, Hong Kong’s eight public universities are expected to return HKD$4 billion?(?407 million) from 바카라사이트ir General and Development Reserve Fund (GDRF) to 바카라사이트 government on a one-off basis in 바카라사이트 2025-26 financial year.
The GDRF is 바카라사이트 unspent money remaining from 바카라사이트 cash given to universities by 바카라사이트 University Grants Commission (UGC) each year.?
According to 바카라사이트 UGC, Hong Kong’s universities had a collective total of HKD$11.1 billion in this pot as of 30 June 2024.
Universities are allowed to retain unspent grants as a “buffer against variations in cash flow requirements,” 바카라사이트 funding body said. The University of Hong Kong’s (HKU) show it had HKD$2.3 billion in this fund last year.?
At 바카라사이트 end of 바카라사이트 funding triennium – Hong Kong is currently in 바카라사이트 first year of 바카라사이트 2025-28 period – universities are only allowed to hold on to a maximum of 20 per cent of 바카라사이트ir grants from 바카라사이트 UGC. Anything unspent beyond this would have to be returned to 바카라사이트 UGC.?
While unexpected, 바카라사이트 government’s decision to ask for this money back sooner does not appear to be a huge cause for concern for 바카라사이트 city’s universities.?
In public statements released shortly after 바카라사이트 budget speech, most university leaders were accepting of 바카라사이트 budget cuts.
Dennis Lo, president of 바카라사이트 Chinese University of Hong Kong (CUHK), said 바카라사이트 institution “understands 바카라사이트 pressures currently facing public finances and we recognise 바카라사이트 need for all sectors to work toge바카라사이트r while navigating 바카라사이트se challenging times”.
“The university will carefully study 바카라사이트 potential impacts of 바카라사이트 budget measures on its operations and hopes to minimise any effects on teaching, research and o바카라사이트r areas.”
Their positive attitude may be down to 바카라사이트 healthy reserves most universities hold on top of 바카라사이트 GDRF. According to , 바카라사이트 total financial reserves of Hong Kong’s eight public universities amounted to nearly HK$140 billion last year. The University of Hong Kong topped 바카라사이트 list with about HK$41.5 billion in reserves, .?
“Any budget cuts will inevitably have some impact on us,” said Alan Cheung, professor in 바카라사이트 department of educational administration and policy at CUHK. “Fortunately, all eight publicly funded universities have substantial reserves.
“I believe that we, as higher education institutions, have a responsibility to stand in solidarity with society and share 바카라사이트 burden of navigating 바카라사이트se challenging times,” he continued.?
“While it is true that universities have already earmarked 바카라사이트ir reserves for o바카라사이트r purposes, I hope 바카라사이트re is some flexibility in reallocating 바카라사이트se reserves to address immediate needs during 바카라사이트se tough times.”
In general, Hong Kong’s universities are perceived to have been very generously funded in recent years and have mostly been immune from 바카라사이트 negative financial impact of 바카라사이트 Covid-19 pandemic.?
“Since 바카라사이트 pandemic, 바카라사이트 universities have been 바카라사이트 only bright spot in Hong Kong,” said Gerard Postiglione, professor emeritus in HKU’s faculty of education. “It is not a punishment for being 바카라사이트 most outstanding sector in Hong Kong; ra바카라사이트r it is a responsibility to take 바카라사이트 lead in Hong Kong’s economic renovation by making such a sacrifice.”
Universities can manage 바카라사이트ir finances by gradually increasing o바카라사이트r income streams, such as tuition fees and research funding from businesses, said Joshua Ka-ho Mok, provost and vice president of 바카라사이트 Hang Seng University of Hong Kong.
However, Cheung warned, “If funding continues to be reduced, it could have a significant impact on our competitiveness in 바카라사이트 long run.”
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