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VC Rajesh Chandra's response to Executive Director Finance Boila: From: Kolinio Boila <kolinio.boila@usp.ac.fj> Date: June 9, 2015 at 7:06:10 PM GMT-7 Subject: YTD financial results for May 2015 Brief Report: 1. Financial Performance The University recorded an operating surplus of $2.6m for the 5 months of 2015 against a budgeted surplus of $2.5m. The table below provides a summary of the financial performance The better than budget surplus performance of $0.1m was largely driven by slower spending of staff costs and deferred maintenance costs, offset by drop in development assistance income due to drop in exchange rate. 2. Cash Flows The cash-flow of the University showed a net decrease in cash, cash equivalents and other financial assets by $2.4m, taking our balances from $45.6m at the beginning of the year to $43.3m as at 31st May 2015, compared to a projected balance of $51.8m. The decrease in the cash target was due to non-receipt of full Government grant contribution for the second quarter except from Cooks, Niue, Tokelau and Tuvalu, offset by receipt of 50% of the grant income from both Australia and New Zealand and slower spending of capex and strategic plan funding. The available cash was $14.7m and is below the cash reserve benchmark of $22m and is adequate to operate the University for 1.3 months. This is funded $9.7m (66%) by unencumbered cash and $5m (34%) by the overdraft facility. We will soon circulate the detailed provisional expenditure reports by Section for each Head of Section and Unit Manager to review and provide comments for adjustments if needed. Kind Regards Kolinio Boila Executive Director Finance From Fijileaks Archives:
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