A FORECASTED €4m deficit at the Institute of Technology Tralee (ITT) has already been factored into future funding projections for the proposed Munster Technological University (MTU).
It was reported this week that a review commissioned by the Higher Education Authority (HEA) and carried out by Deloitte raised issues regarding the financial position of ITT.
The merger will see ITT and Cork Institute of Technology combine to become one overall Technical University for the entire Munster region.
It is expected that MTU will open in either September of 2019 or January 2020. It is believed that ITT’s financial position is partly due to a decline in full-time students but the establishment of MTU is expected to lead to an increase in applicants.
Both CIT and the MTU project director Hugh McGlynn declined to comment on the financial position at ITT and the potential of CIT having to absorb the deficit.
However, a spokesperson from the HEA said: “ITT plays an important role in providing access to tertiary education in its catchment area. It has been acknowledged for some time that ITT is in a challenging financial position. The HEA continues to monitor this situation and work with ITT as it seeks to stabilise its finances. As of December 2018, funding provided by the HEA to ITT is in line with profile for the academic year 2018 / 2019.
“During 2019, the HEA will continue to monitor the position and to work with ITT on these matters,” the spokesperson added.
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