VICE-CHANCELLOR’S REPORT TO COUNCIL 2022—2023
OFFICE OF FINANCE
with campuses resuming face-to-face classes, full operations at halls of residence and other income generating ventures post the COVID-19 pandemic. The total of other sources of income showed an increase of 1.2% from that reported in 2022. Total expenditure for 2023 was BDS$898.1 million, an increase of 3.6% over BDS$866.9 million in 2022. The categories of expenditure and their percentages of the total were: Departmental 46% (2022 : 46%), Administrative 12% (2022 : 13%), Central 15% (2022 : 14%), Special and Other Projects 21% (2022 : 21%) and Commercial Operations 6% (2022 : 6%). The two items of expenditure which continued to be drivers of the deficit shown in the financial statements of The UWI were: (i) post-employment pension and medical benefits expense and (ii) impairments. Actuarial valuations, conducted by an independent actuary and in accordance with International Accounting Standard 19 (IAS19), determined that for 2023 the cost of post- employment benefits (pension supplementation and medical benefits) for all Campuses and the University Centre, and the costs associated with the defined benefit scheme for administrative staff at the St. Augustine Campus, totalled BDS$36.6 million (2022: BDS$41.4 million). The pension supplementation element of the Federated Superannuation Scheme for Universities (FSSU) is unfunded. Impairments recorded in accordance with International Financial Reporting Standard 9 (IFRS 9) accounted for BDS$7 million of the deficit in 2023 (2022: BDS$6.7 million). Impairments were recorded primarily on student and government receivables
CONTRIBUTING COUNTRIES SUPPORT BUDGET MEETINGS
All 17 of The UWI’s contributing countries were represented at the kick-off of the two-day annual budget meetings on March 7, 2023. The 2023 budget sessions were hosted by Belize. Speaking in the context of The UWI’s celebration of its 75 th Anniversary, Vice-Chancellor, Professor Sir Hilary Beckles praised the contributing nations for their committed support over the decades. “Without the firm and sustainable contributions of our people and our governments … we would not be here today.” He noted, however, that The UWI is focused on its future. “We are looking into the trajectory of our communities, our nations; we are imagining the best-case scenarios for our people, and we are meeting to discuss how best we can serve imaginatively with innovation and greater efficiency.” The budgets for 2023 to 2025 for the five campuses, the University Centre, the Seismic Research Centre and
the University Hospital of the West Indies were presented. Representatives of the contributing countries deliberated on whether the University’s requests were fair and reasonable to fulfil its mandate. Recommendations were made to the Campus and University Grants Committees (UGCs) in April where the TAC’s recommendations were reviewed and approved before advancement to The UWI’s Annual Business Meeting of Council for final approval. Mindful of the economic challenges faced by contributing countries, Mrs. Andrea McNish, University Bursar/Chief Financial Officer and Chair of the meeting, called on governments to settle their accounts, since 47% of the University’s income still comes from contributing countries. The University remains committed to the ‘Revenue Revolution’, which will see it reducing costs while seeking to become more entrepreneurial to increase revenue.
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