1. 2009 Budget and Medium Term Plan Council July 2009

2. Guiding principles Set financial targets that are achievable and consistent with the University Plan Address current challenges Assure robustness Provide a platform for future development

3. Key Financial Outputs Operating surplus Trading surplus Operating Cash Flow

4. Context Current performance Current and future operating environment University development plans

5. Current performance A secure platform for development Operating surplus better than budget Trading result above budget Operating Cash Flow above budget Cash Flow stronger than budget and borrowing lower than projected

6. A secure platform for development

7. Operating environment Systematic risk Pensions Remuneration Energy Specific risk Credit crunch

8. The Credit Crunch

9. University Investment Plans

10. 2009 MTP – headline numbers

11. Main changes since 2008 MTP Favourable

12. Main changes since 2008 MTP Adverse

13. 2009 MTP Capex, Cashflow, Grants and Borrowing

14. 2009 MTP - Risks, Ratios and Sensitivities

15. Key ratios

16. Sensitivities

17. 2009 MTP - Summary Similar outputs but greater emphasis on income generation and control of key costs Though Cash Flow similar Borrowing higher Higher risk strategy in a higher risk environment so greater emphasis on contingency and greater dependence on active performance management

18. The MTP, Past Performance and the Longer Term