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04/11/2016
Funding Reductions Have 'Taken Their Toll' On IoT Sector - HEA
A reduction in state support for Institutes of Technology (IoT) and a rise in student numbers has "taken its toll" on the sector, according to the Higher Education Authority (HEA).
In its financial review of the IoT sector, the HEA said a 34% state funding reduction and a 24% increase in students has generated "major concerns" for the cash flow position of IoT's.
Some of the report's key findings include a reduction in overall reserves from €132.5m to €78.7m, wiping out 40% of available finance for sustainability and future development.
In addition, cash balances held by IoTs fell from from €218.1m in August 2013 to €147m in August 2016, with a further fall anticipated to €116m by August 2017.
The campus environment has also been "adversely impacted" as there has been no funds available for capital investment.
Dr Anne Looney, Interim CEO of the HEA, said the announcement of increased funding for higher education in Budget 2017, along with a three-year commitment to further investment "marks an important turning point for the sector."
"We now have comprehensive evidence of the current financial challenges being faced by many institutes of technology and the capacity constraints which will limit their ability to meet the expected growth in student demand in coming years," she said.
"While it is a review of the impact of past cuts, it's a report with an eye to the future and the provision of higher education across the country for young people still in school who will expect to go to college in the next decade."
(LM)
In its financial review of the IoT sector, the HEA said a 34% state funding reduction and a 24% increase in students has generated "major concerns" for the cash flow position of IoT's.
Some of the report's key findings include a reduction in overall reserves from €132.5m to €78.7m, wiping out 40% of available finance for sustainability and future development.
In addition, cash balances held by IoTs fell from from €218.1m in August 2013 to €147m in August 2016, with a further fall anticipated to €116m by August 2017.
The campus environment has also been "adversely impacted" as there has been no funds available for capital investment.
Dr Anne Looney, Interim CEO of the HEA, said the announcement of increased funding for higher education in Budget 2017, along with a three-year commitment to further investment "marks an important turning point for the sector."
"We now have comprehensive evidence of the current financial challenges being faced by many institutes of technology and the capacity constraints which will limit their ability to meet the expected growth in student demand in coming years," she said.
"While it is a review of the impact of past cuts, it's a report with an eye to the future and the provision of higher education across the country for young people still in school who will expect to go to college in the next decade."
(LM)
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