Update on UCC 2014 Financial position Heads & Managers Forum 17 th January 2014

Summary  Provisional Grant Allocation 2014  Impact on Budget 13/14  CORE Grant  Additional funding constraints  Options to address forecasted income shortfall  Plan for a deficit – S.37 Letter  Reduce budget allocations/expenditure – Beyond 2013/14 – Delivery of Income Generation Project Targets

Provisional Grant Allocation 2014 Specific Key Points to note -  Overall reduction in sectoral funding is 7.2%  Core Grant across sector is 15.5% lower than 2013  UCC grant for 2014 is just over €34m (€40.8m in 2013) – a reduction of c.16.5%  TCD recorded the biggest reduction – 17.2%  As in 2013 €25m of cash will not be allocated to the sector in 2014  Top Slicing by HEA for Strategic Initiatives continued

Impact on Budget 2013/14  CORE Grant – shortfall of c.€900k vs. Budget  Additional funding constraints  Funding for Pension costs associated with FTWA  Contribution from subsidiary companies expected to be lower than budget Estimated Overall Income Shortfall - €1.6m

Options to address income shortfall in 2013/14  Plan for deficit – S.37 letter - consequences  Reduce budget allocations and expenditure in remaining 9 months of financial year 13/14  Delay recruitment  Reductions in budgeted non pay expenditure  Departments cannot exceed budgets

Beyond 2013/14 Income Generation Projects – critical to addressing funding shortfall  International Student Recruitment  Advancement  EU Postgraduate Recruitment  On Line Learning  CPD

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