CAMPUSES & CENTRES

FINANCES - continuedIn order for the University to stay afloat and be able to paythe contractors and provide some of the essential services(electricity, water, telephone and other basic needs), the PayAs You Earn (PAYE) was used. The alternative was to closedown the University.Up to the end of Government Tax Year, 30 June 2012, theUniversity would have accumulated an Income Tax liabilityof about E55 Million excluding penalties. In view of thisliability and the fact that the University is not a moneymaking entity, supplementary funding has been requestedfrom Government to settle the outstanding PAYE.It is worth nothing that the teaching and incidental activitieshave severely suffered as a result of the inadequate funding.A summary of University finances for the year ended31 March, 2011 is as follows:RevenueRecurrent subvention 241 585 108Student tuition fees 54 124 806Residence fees 11 178 434Refectory income 5 429 660Bookshop sales 14 748 521Interest revenue 8 074 787Other income 8 750 039Total 343 891 355Recurrent subventionStudent tuition feesResidence feesRefectory feesBookshop salesInterest revenueOther incomeExpenditureBooks 18 270 767Building and maintenance 3 580 533Consumables 16 377 046Contract staff passages 3 459 170Food supplies 5 689 275Personnel costs 262 258 909Service and maintenance 8 956 875Utilities 8 342 546Other costs 26 623 365Total 353 558 486BooksBuildings and maintenanceConsumablesContract staff passagesFood suppliesPersonnel costsService and maintenanceUtilitiesOther costsREPORT OF THE VICE-CHANCELLOR 18