UofA forecasts “$100million shortfall” in revenue, insists “sound financial footing”

UofA Vice-Chancellor Peter Rathjen

In an email distributed to Adelaide University staff yesterday evening (6/5), acting Vice-Chancellor Mike Brooks sought to assuage any doubt in the health of the university.

This extensive email referenced the departure of Chancellor Kevin Scarce, and the indefinite leave of Vice-Chancellor Peter Rathjen, insisting that “the events of this week are in no way related to the financial health of the University or the impacts of COVID-19.”

No further comment was made on the reasons behind the pair’s sudden departures.

The email further went on to explain that despite semester one’s domestic enrolments have “held steady, with international enrolments up 5%”, they were “projected to be down 16% in second semester.”

The email further went on to state that “Given [the University] was budgeting for more significant growth this year, this equates to a downturn in budgeted revenue circa $90M. When added to increased costs associated with responding to COVID-19, the university is facing a $100M shortfall this year,” adding that “several east-coast universities are forecasting shortfalls far in excess of ours.”

Brooks further explained that as a result of these forecasts “the University has put in a number of measures to buffer our institution from thus shortfall.” He further elaborated that if need be the University “may draw upon short-term borrowings if required,” stating that their current borrowings sat at $50million which Brooks described as “very modest for a research-intensive organisation,” insisting that the university is on “sound financial footing and is expecting a strong recovery after the pandemic has ended.”

It was also noted at the bottom of the email that Brooks would be convening a staff forum in the near future to provide further update.

As On Dit understands it, a meeting is scheduled for this Friday (8/5) between university senior management and student representatives from the Adelaide University Union (AUU) and Student Representative Council (SRC).

‘Like’ On Dit on Facebook for further updates.

--

--

--

Adelaide University student magazine since 1932. Edited by Grace Atta, Habibah Jaghoori, Jenny Jung & Chanel Trezise. Get in touch: onditmag@gmail.com

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

9 Legit Master’s Degrees You Can Now Earn Completely Online

We expect young people to fix our political problems one day, but we aren’t giving them the tools…

Why are students required to take algebra in high school?

Student Housing forces out long-time residents of East Athens

Hunting for Weapons Against Covid 19

Catch and Release with Online Notebooks using Hapara

“Personal Authentic” by Tom Murray

3 Ways to Improve Your American English Accent with TV Shows

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
On Dit Magazine

On Dit Magazine

Adelaide University student magazine since 1932. Edited by Grace Atta, Habibah Jaghoori, Jenny Jung & Chanel Trezise. Get in touch: onditmag@gmail.com

More from Medium

5G Millimeter Wave — Good for the health of the Indian Operators

Call for more ClearDAO Ecosystem Developers!

Thoughts on Curriculum Based Measures (CBMs) and Response to Intervention (RTI).

Nobuya Kobori “New Official Releases for 374th Consecutive Days”