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Resource Management Group Meeting 13 October 2011 Financial update Andy NieldFinance Director.

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Presentation on theme: "Resource Management Group Meeting 13 October 2011 Financial update Andy NieldFinance Director."— Presentation transcript:

1 Resource Management Group Meeting 13 October 2011 Financial update Andy NieldFinance 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 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

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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