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Resource Management Group Meeting 13 October 2011

Resource Management Group Meeting 13 October 2011. Financial update. Andy Nield Finance Director. Financial Strategy. Sustainable operating surplus generating cashflow Finance capital programme through: Cashflow Grants Borrowings/cash. Financial Performance 2010/11.

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Resource Management Group Meeting 13 October 2011

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  1. Resource Management Group Meeting13 October 2011 Financial update Andy Nield Finance Director

  2. Financial Strategy • Sustainable operating surplus generating cashflow • Finance capital programme through: • Cashflow • Grants • Borrowings/cash

  3. Financial Performance 2010/11 • Strong financial performance: • Budget operating surplus (pre exceptional) £5m • Provisional outturn £17m • Major drivers of improvements: • Efficiency improvements • Increase in OUG and OPGT student numbers

  4. Analysis of 2010/11 Income & Expenditure

  5. Financial Performance 2010/11 • Capital investment £m Core Programme 46 NCC 19 65 • Net debt at year end £m Debt 250 Cash/investments (190) Net debt 60

  6. Budget 2011/12 • Budget operating surplus £2m • Change from 2010/11 outturn reflects: • HEFCE grant cut • Capital programme financing costs • Energy costs • Contingency • Positive indications re student numbers

  7. Operating Surplus Trend • Operating Surplus Trend

  8. Prospects 2012/13 onwards • Uncertainty rules! • HEFCE funding reduction/allocation mechanism • Deregulation of HUG AAB student numbers – opportunity and risk • New HUG fees • Research funding – grants & REF • Financial markets/economic turmoil • Pay levels – pay awards & drift • Pension costs • UoB well placed • Academic reputation, attractive to students • Strong financial starting position • Need for continuous efficiency improvements will remain

  9. Core Capital Programme

  10. Finance Services • Post SPR structures fully operational • Most posts now filled • Starting to work well – have been transaction volume and learning curve issues • Systems developments, delivered/in progress include: • Integrated purchasing • Purchasing cards, expense cards, cash passports etc • Sales invoicing • Financial reporting • SAM • Looking at Payroll/Pensions/HR

  11. Financial Control Concerns • EU FP7 grants

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