Worst financial year for NZ Universities since ’03

With the annual reports for 2008 of all eight universities now published, the figures show the institutions made a collective surplus of $75.5 million (US$50.2 million) last year, their lowest overall surplus since 2003 and well down on the 2007 figure of more than $101 million.

The surplus was equivalent to about 2.8% of the sector’s income for the year, the lowest proportion this decade. The outcome included two deficits – at Waikato and Lincoln universities.

via University World News

Waikato University has been the subject of ruthless and seemingly endless cost-cutting since 2005(when VC Roy Crawford took over) that has robbed the University of a lot of its talent and opportunity. Waikato University is also the only tertiary institution I know of that had a Student Union that voted FOR a tuition fee increase(2008?). If after all this Waikato is STILL running deficits whilst other Universities are not then something else, other than ‘wasteful academic spending’, is going on…

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