Volume
One 2012 - NSW universities in surplus
Auditor-General's Report to Parliament
30 May 2012
The NSW Auditor-General, Mr Peter Achterstraat, today reported
that all ten NSW universities achieved operating surpluses in 2011, with the
University of NSW achieving the highest surplus of $88.9 million followed by
the University of Sydney with $88.5million.
“In 2010, only eight universities achieved surpluses, so I am
pleased to see a surplus for all ten universities in NSW,” said Mr
Achterstraat. “There has also been an improvement in the achievement of
government financial performance benchmarks. Four NSW universities achieved all
four benchmarks, compared to two last year.”
The Auditor-General noted that universities continue to face
funding challenges for employee long service leave and annual leave
obligations. Universities had long service leave obligations of $571 million,
an increase of 23 per cent on last year.
“While most universities are reducing excess annual leave
balances, managing leave is a continual challenge,” said Mr Achterstraat. “High
levels of unused leave are a red flag for any organisation raising both financial
and work, health and safety risks,” he said.
Mr Achterstraat also highlighted the impact of an ageing workforce
on universities’ cash balances in the future.
“The increasing demand for funds to payout the entitlements of an
aging workforce creates liquidity risks for the universities,” he said.
The Auditor-General’s Volume 2, 2012, reports on
the audits of all ten NSW universities’ 2011 financial statements.
Further
information
Emily Watson, on 02 9275 7408 or 0425 329 363 and emailemily.watson@audit.nsw.gov.au
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