CQUniversity Annual Report - Central Queensland University

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60Our FinancialPerformance‘THEUNIVERSITYOPERATES TOACHIEVE VALUEFOR MONEYAND HASAPPROPRIATEPOLICIES ANDPROCEDURESTO SUPPORTTHIS OUTCOME’
CQUniversity ANNUAL REPORT 2012OUR FINANCIAL PERFORMANCERESULT FOR 2012The University recorded a signifi cant loss for the year of $24.668m,which is deterioration on the loss of the previous year of $3.763m. Adownturn in international student revenue contributed to this loss,resulting in revenue of $17.671m less than in 2011. The Universityresponded to this by undertaking restructuring to offset the decline instudent numbers and incurred redundancies in excess of $4m.In addition, the University continued to invest in the development ofnew programs and facilities. This contributed around $8m to the lossposition as the University renovated space for new laboratories andpurchased significant equipment to support these programs.CQUniversity’s research area also contributed to this loss due tospending funds that had been received in a prior period, resulting inexpenditure exceeding grants and other revenue for the year.REVENUE PERFORMANCE DOMESTIC LOADThere was a 19.8% increase in Australian Government fundingreceived in 2012 compared to 2011.The Commonwealth Grant Scheme income increased by 15.65% to$77.616m reflecting an increase in domestic student load of 13.4%,with indexation of Commonwealth funding and continued growth in ourhealth programs.The University set aggressive domestic student enrolment targets inthe 2012 budget and the actual result was better than expected. Therevenue targets for domestic funded load was exceeded by $9.552mgiving a total of $106.176m (refer to Table 19).TABLE 19: BUDGET 2012 COMPARED TO ACTUALAUSTRALIAN FUNDED LOAD EFTSL AND DOLLARS(EXCLUDING RESEARCH STUDENTS)2012Budget2012ActualVarianceto BudgetPercentageVarianceAustralian 6574 6880 306 4.65%funded loadEFTSLAustralian $96.624m $106.176m $9.552m 9.88%funded loadREVENUESource: CQU Budget document 2012 / Actual EFTSL per the University dashboard, Actual Revenuefor CGS and HECS per CQUniversity FinancialsREVENUE PERFORMANCE FEE-PAYINGSTUDENTS AUSTRALIAN ANDINTERNATIONALRevenue from fees and charges continued in decline, due to acontinued drop in international students studying at the metropolitancampuses. This was further compounded by the related drop inManagement Fee of $7.75m received from C Management Services.The University budgeted for a decline in international studentshowever the size of the decline exceeded expectations. TheUniversity delivered 32 413 courses compared to a budgetof 38 581 courses and actual delivery of 40 731 courses theprevious year. This resulted in a loss of revenue from 2011 to2012 of $17.671m (refer to Table 20).TABLE 20: BUDGET 2011 COMPARED TO ACTUAL FEE-PAYING LOAN COURSES AND DOLLARS (EXCLUDINGRESEARCH STUDENTS)Fee-payingstudentCOURSESFee-payingstudentREVENUE2012Budget2012ActualVarianceto BudgetPercentageVariance38 581 32 413 6168 16.0%$84.873m $73.789m $11.084m 13.0%Source: CQU Budget document 2012 / Actual courses and revenue per the UniversitydashboardOther signifi cant revenue movements include a decline in FeeRevenue due to non-payment of $7.75m in Management Feefrom C Management Services Pty Ltd and a decline in investmentincome due to much lower than expected interest rates,non-payment of distributions from the investment in the QueenslandInvestment Corporation Growth Fund and no dividend payment fromC Management Services Pty Ltd.EXPENDITURE PERFORMANCETotal expenditure increased from $262.823m in 2011 to $275.534m in2012, an increase of $12.7m or 4.8%.General operations was overspent by $6.428m which relates to$4m for accounting adjustments for leases and additional leasescommenced during the year that were not budgeted, and salariesof $2.79m. Restructuring carried out during 2012 to reduce staffi ngnumbers cost the University in excess of $4m.Research and restricted funds contributed $12.434m to the loss.The bulk of this expenditure is attributed to the University-fundedinvestment into new buildings, new programs, building renovationand purchase of equipment for new program delivery. As these areinternally funded projects there is no revenue to offset against theexpenditure. Without this investment into new programs the Universitywould not be refl ecting the growth in domestic student numbers thatwas occurring by the end of 2012. The University has in the past fewyears invested a signifi cant amount from its reserves into programsand buildings to re-invigorate the domestic business. In 2012 theUniversity saw an increase in load of 13.4% and applications by theend of 2012 suggest in excess of 10% growth in 2013.61OUR FINANCIAL PERFORMANCE
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CQUniversity Annual Report - Central Queensland University

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