Tertiary institutions are hoarding cash rather than investing in their staff and students, says TEU national president Sandra Grey.
A Tertiary Education Commission report released today on financial performance of tertiary education institutions shows that publicly funded universities, wānanga and polytechnics are all generating surpluses significantly greater than the 3 percent of revenue that the commission told them to generate. Polytechnics had surpluses of 8.3 percent of revenue, universities 4 percent and wānanga 7.3 percent. In total, these public institutions hoarded nearly a hundred million dollars of public money that they could otherwise have invested in quality education.
“Because they failed to spend this money students now have larger class sizes, highly respected staff lost their jobs and departments have shrunk or shut,” said Dr Grey.
“Institutions were trusted with that money, to spend it on students’ education. Hiding it in bank accounts while they make unnecessary cuts to the quality of education is irresponsible.”
“Hoarding it also gives the government a false justification for its relentless on-going budget cuts to tertiary education funding.”
For more information:
Dr Sandra Grey, TEU national president, 021 844 176 or 04 801 5098
Stephen Day, TEU communications officer, 021 2900 734 or 04 801 4792