PResident's RePORt 2009/2010 - University College Cork

Foreword
UCC at a Glance
Academic Developments
Teaching and Learning
Research
College Reports:
Arts, Celtic
Studies and Social
Sciences
Business and Law
Medicine and Health
Science, Engineering and
Food Science
Events
Student Experience
Sports and Recreation
Buildings and Estates
Cork University Press
Finance
Governing Body
IRIS Appendix
79
Finance
2009/2010 again saw continuing significant pressures on the
university’s income.
The continuing deterioration in the public finances resulted in a
further reduction in core Exchequer funding to the university, of
over 11 per cent, compared to 2008/2009. This meant that even
greater focus was placed on non-Exchequer income sources,
which rose by four per cent on the previous year’s level.
As a result, along with the continued programme of cost reduction
and containment, the university’s overall financial position was
not compromised from the reduced levels of Exchequer funding.
Of particular note during the year, the university’s pension asset,
along with four other universities, was transferred to the State as
part of the Financial Measures Emergency Provision Act 2009.
The liability for all future pension costs now rests with the State,
to be funded on a pay-as-you-go basis by the Exchequer.
Capital Development
The flood of November 2009 was the most significant event
during the year. In total, over €18m of university assets were
damaged.
We are grateful to both our insurers and the State for their
continued support in containing this major event.
While the deterioration in overall public finances has seen a
reduction in Exchequer-funded capital development over recent
years, UCC has itself approved a further €10m development of
the Mardyke Arena complex, that is due to start in 2011.
The university’s overall capital deficit position continues to
improve and is now reduced to just over €15m at the end of
2009/2010.
Research
Once again, an increase is anticipated in the level of income from
research grants and contracts. Research income represents
almost 32 per cent of total income, highlighting the fact that
funded research activity is now an even greater proportion of
UCC’s activities.
This significant growth in research funding takes place in an
environment that is increasingly competitive. The programmes
sponsored by Science Foundation Ireland, the Higher Education
Authority in its Programme for Research in Third-Level Institution
(PRTLI), the Irish Research Council for Sciences, Engineering
and Technology, the Irish Research Council for Humanities and
Social Sciences and other State and international agencies all
now involve international peer-reviewed competitive tendering.
UCC continues to be very successful in this challenging
environment.
UCC was particularly successful in the PRTLI-5 competition,
where the university was allocated over €43m in funding for a
range of infrastructural and graduate entry programmes. This
success highlights UCC’s excellent reputation in research.
The Future
Undoubtedly, given the prevailing economic circumstances,
2010/2011 promises to be another financially challenging year.
Indications are that Exchequer funding will be reduced again,
putting further pressure on all aspects of university activities
and, ultimately, on the quality of service provided.
In such environment, UCC will position itself to minimise the
impact of these economic shocks on the quality of offering to
its students.
UCC will continue focus on alternative non-Exchequer sources
of funding to ensure the university has a stable, financial viable
position as well as ensuring costs are set at appropriate levels.
It is vital, if we are to avoid deterioration in the quality of
services to our students and if our university system is to remain
internationally competitive, that an appropriate, stable funding
model for the sector is agreed.