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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

Resource Management Group Meeting13 October 2011

Financial update

Andy Nield Finance Director

financial strategy
Financial Strategy
  • Sustainable operating surplus generating cashflow
  • Finance capital programme through:
    • Cashflow
    • Grants
    • Borrowings/cash
financial performance 2010 11
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
financial performance 2010 111
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

budget 2011 12
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
operating surplus trend
Operating Surplus Trend
  • Operating Surplus Trend
prospects 2012 13 onwards
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
finance services
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