OFFICE OF FINANCE
Student receivables
Receivables from contributing governments The contributing governments play a significant role in maintaining the financial health of The UWI as to date, government contributions comprise 47% of total income and remain the largest source of income for The UWI. Caribbean governments have, over the years, relied on The UWI as the institution of choice to educate their people. Ultimately this helps to address the needs of the Caribbean societies and bolsters economic growth. The development of the region has benefited tremendously from governments’ investment in education. During the year 2022/2023, maintaining dialogue with contributing governments was emphasised, to encourage payments of their committed and assessed contributions for economic cost to The UWI on a consistent basis. In an effort to recover outstanding debt, The UWI continued to submit payment plans accompanied by monthly or quarterly invoices and statements to the contributing governments. This has assisted in reducing the receivables of most governments. The total net receivable of government contributions for economic cost at July 31, 2023 was BDS$96.7 million (net), a marginal increase of 0.08% over BDS$96.6 million (net) at July 31, 2022. Other amounts receivable from governments for tuition fees and other items were gradually received throughout the year, but at the year-end, there were balances that had not been settled. Payment plans have been provided and dialogue has continued with governments, regarding recovery of the amounts outstanding.
outstanding for several years, but there was also a net impairment provision recorded, as required, on some categories of investments. A Special Committee of the University Grants Committee (UGC) was formed in 2020 to review and recommend options to mitigate these two main items of expenditure which continued to drive the deficit. Proposed options relating to the FSSU, its unfunded supplementation scheme benefits, as well as the medical scheme benefits provided to staff and retirees have been received from consultants. These options are being evaluated by the University for implementation. The UWI maintained a positive working capital position, although a reduction of 9% was seen in 2023 when compared to 2022. Current assets decreased by 0.9% while current liabilities showed a 4.3% increase. Some entities of The UWI, however, continued to experience cash flow shortages, primarily from the inability to collect receivables on a timely basis. Total reserves of The UWI showed a decrease of 6.9%, from BDS$330.2 million in 2022 to BDS$307.4 million in 2023. Net assets decreased by 1.9%, moving from BDS$1.31 billion in 2022 to BDS$1.29 billion in 2023.
Student receivables as at July 31, 2023 stood at BDS$101.2 million, an increase of 4.5% over BDS$96.8 million at July 31, 2022. This resulted from delays in students honouring their financial obligations as they continued to grapple with post pandemic economic conditions. APPROVAL OF THE BUDGETS FOR THE BIENNIUM 2023/2024 AND 2024/2025 The Technical Advisory Committees (TACs) of The UWI met on March 7 and 8, 2023 virtually, to deliberate on the budgets of The UWI and the University Hospital of the West Indies (UHWI) for the Biennium 2023/2024 and 2024/2025. The opening ceremony was hosted virtually by the Government of Belize. The Campus Grants Committees (CGCs) and the University Grants Committee (UGC) subsequently met virtually on April 14, 2023 to further review and approve the Biennial Estimates for 2023/2024, based on the recommendations of the TACs, and the estimates for 2024/2025 were considered indicative for noting. Sixteen of the seventeen contributing governments were represented at the meeting. The meetings of the TACs and Grants Committees were attended by representatives from the ministries in the contributing countries responsible for tertiary education and finance; the Ministry of Health and Wellness in Jamaica, The UWI and the UHWI. The UGC meeting was chaired by The Honourable Gaston Browne, Prime Minister and Minister of Finance, Corporate Governance and Public Private Partnerships, Antigua and Barbuda. An expenditure budget of BDS$641.45 million was approved for all Campuses and the University Centre, but excluded the Five Islands Campus that is funded solely by the Government of Antigua and Barbuda.
ACCOUNTS RECEIVABLE
Government receivables and student receivables accounted for the majority of the receivables at July 31, 2023.
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