UCC have initiated a plan to address €11.2m deficit

University College Cork has revealed that it has identified a financial deficit of over €11 million in their 2022/2023 accounts.

A spokesperson for the university told The Echo, “UCC has identified a financial deficit in our 22/23 accounts of €11.2 million, which represents 2.4% of income,” adding “Strong income growth of 5% was offset by cost growth of 8%.” 

The spokesperson outlined the actions that were being taken, saying that the Higher Education Authority, the statutory body providing policy advice for higher education in the country, had been contacted, and would be working with the university on the issue.

They stated, “The HEA has been notified. UCC has initiated a plan to address the deficit. UCC and the HEA have agreed to review capital projects in the context of the current workplan.” 

This review of capital spending casts doubt on several large-scale UCC projects currently in the pipeline.

“The fundamentals of UCC remain strong and the university is committed to returning to a surplus position,” the spokesperson added.

Staff were informed yesterday of the deficit, and told “we are working together to achieve our commitment to return the university to a sustainable financial position.”