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| Principal theme: Financing our ambitions |
To fund our ambitious strategy, Õ¬ÄÐÊÓƵ aim is to increase our surplus to between 5 and 6% of total income by 2017–18, and maintain it at that level.
In the financial year 2014–15, we set a budget to deliver a surplus of 2.5%; that is £30 million on total income of £1,180 million, and we achieved that. We did so through a number of actions.
We allocated financial sustainability propositions across faculties, and Deans and Finance Directors produced action plans as part of the annual planning process.
A key change was the inclusion of separate finance review meetings, chaired by the UCL Finance Director, to focus on the progress made by each faculty, including how they are developing new and financially sustainable sources of income.
We also created a new Tuition Fee Setting Review Group to achieve a more coordinated approach to fee setting agreed by Õ¬ÄÐÊÓƵ Senior Management Team.
" We have set a budget for this year to hit 3.5%, with projections to achieve 4.5% next year (2016–17) and 5.5% by 2017–18. This will be very challenging, but it is achievable.ÌýOur current financial projections suggest that, provided we continue to be careful in our management of the finances, we will hit the target for this year, which gives added confidence over the achievability of the targets for the next two years."ÌýProfessor Michael Arthur, UCL President & ProvostÌý
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- Provost’s View: How Õ¬ÄÐÊÓƵ finances must be shaped to ensure future success
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