Universities set to run deficits of €15m as some colleges struggle with rising costs

Colleges are facing cost pressures due to a number of factors including rising costs, delayed expenditure linked to the pandemic and increasing staff numbers. Photograph: iStock

All three of these institutions are the subject of close scrutiny by the Higher Education Authority after financial issues of concern came to light over recent months. Other universities forecast to run deficits in the 2022/23 financial year were Trinity College Dublin, University of Galway, Dundalk Institute of Technology , Atlantic Technological University and Technological University of the Shannon .

For example, University of Galway has a projected deficit of €14 million for last year due to delays incurring expenditure during the pandemic which were exacerbated due to a cyberattack. The University has reserves to meet the deficit. There have been concerns over finances at DKIT, by contrast, for a number of years. HEA records state that DKIT projected cash holdings would become” tight” in August/September 2024, although sources say these pressures have since eased.

However, these delays in expenditure resulted in higher costs last year as estimated deficits across all higher education institutions climbed to around €30 million.

Source: Education Headlines (educationheadlines.net)

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