Yesterday the highest governing body of Dundee University met and voted in favour of the latest recovery plan.
STV reported that the plan outlines a further £20m in savings.
Unions believe the majority of this will be achieved through staff cuts.
Staff cuts are the biggest University expenditure. Per anum, they are roughly £189.1 million, covering salaries, National Insurance and pension contributions.
As previously reported, Dundee University is:
- Spending more money than it brings in each year, leading to a financial shortfall.
- Has very little useable cash, making it hard to cover day-to-day costs.
- Is relying on millions in support from the SFC.
- Is cutting staff jobs because staff wadges are the biggest cost.
- Isn’t generating enough spare money to invest or save for the future.
- Has delayed financial reports because auditors are not yet confident about the institutions long-term financial strategy.
- Without more changes, the university may need £20m+ every year from the government to keep going.
How Much Money has been Saved/ Granted?
- £13-15m in first VS scheme.
- £62m from SFC since last spring.
The potential savings include:
- £10m from latest VS scheme
- £750k from faculty restructuing
- Unannounced cost-cuts expected soon, to save £20m.
The recovery plan, which is yet to be revealed publicly details how £20m will be saved.