UC annual result for 2016

01 March 2017

The University of Canterbury's post-quake recovery is on track for a forecast return to a normal operating surplus in 2019, reports Vice-Chancellor Dr Rod Carr.

The University of Canterbury's post-quake recovery is on track for a forecast return to a normal operating surplus in 2019, reports Vice-Chancellor Dr Rod Carr.

The University’s audited result for the year ended 31 December 2016 was a $1.8 million deficit. This is after recording significant building demolition and write-off costs as UC continues through its post-earthquake rebuild and renewal programme. These additional costs have been offset by additional interest, research and sundry revenue.  The result compares to the 2015 surplus of $3.5m.

Dr Carr describes the UC campus as an exciting place to be with so many new buildings, state-of-the-art labs and facilities open or due to be completed in 2017.

“We celebrated a major milestone in our Canterbury Engineering the Future (CETF) project last month with the opening of the UC Engineering Core, at the heart of the Engineering precinct,” he says.

“The Core is a key component of the $144m CETF project and the University would like to acknowledge the significant Government contribution of up to $260m for this project and the Rutherford Regional Science and Innovation Centre (RRSIC) precinct. We are looking forward to several openings in 2017, as more than $400m of major projects reach completion.”

“As well as Stage One of the RRSIC precinct opening this year, the College of Education, Health and Human Development will be moving from the Dovedale Campus to its new home in the Rehua building, in the centre of the Ilam campus, where it will join the Centre for Entrepreneurship and the Executive Development Programmes of the College of Business and Law,” says Dr Carr.

Stage Two of the RRSIC project has launched, with the demolition of the Von Haast building set to begin. A new replacement building will be ready for staff and students in 2019.

While recording a deficit, UC considers that this year’s result more closely reflects normal operations. The budgeted operating deficit for 2016 was $13.7m.

UC has adopted a budget for 2017 that shows an operating deficit of $9.1m, which includes the continuing costs of moving staff and activities around the campus while refurbishment and new buildings are completed, and consequential short-term rental costs.

The University continues to be confident that, with Crown support already agreed, it can absorb the loss as it continues to rebuild student numbers, Dr Carr says.

For further information please contact:
Margaret Agnew, Senior External Relations Advisor, University of Canterbury
Phone: +64 3 369 3631 | Mobile: +64 275 030 168 | margaret.agnew@canterbury.ac.nz
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