VICE-CHANCELLOR’S REPORT TO COUNCIL 2022—2023
OFFICE OF FINANCE
Costs related to pension and post-employment medical benefits are being reviewed for more cost-effective arrangements to be implemented. Rationalisation of programme offerings and the reduction of staff costs, capital expenditure, travel costs, office expenditure and utilities are some of the measures being undertaken. Pension administration The UWI administers a defined-contribution pension scheme, The Federated Superannuation Scheme for Universities (FSSU) for its academic and senior administrative and professional staff (ASAP). There is a defined benefit component of the FSSU Pension Scheme for the ASAP staff which provides eligible retirees with a supplement to their pension on retirement. A defined- contribution pension scheme is also operated for some non- academic, administrative and technical staff (ATS) and a defined benefit scheme is operated at the St. Augustine Campus for administrative and technical staff. Following a review of the investment options available to members of the FSSU Pension Scheme, the Trustees under the advisement of investment advisors, Dean Wetton Advisory, decided to proceed with a two-tranche investment transition. The aim of the restructuring of the FSSU investment portfolio was to give members better yields on their contributions invested and reduce the FSSU Supplementation liability. During 2023, the two- tranche investment transition was successfully implemented by investment managers, BlackRock United Kingdom (UK) and the pension scheme administrators, Capita Employee Benefits Limited, UK. Several sensitisation sessions and training in the form of workshops and webinars were organised for the benefit of the members of the pension schemes, as well as the University administrators involved in managing the schemes.
Commercial operations Commercial activities increased during the 2022/2023 financial year, as face-to-face classes resumed and the corporate partners resumed face-to-face engagements, resulting in a demand for use of the University’s facilities. An increase in revenues from rental of properties was realised over that which was received during the previous reporting period. This was primarily due to the rental of the conference rooms and other facilities and higher occupancy levels within the residences which were leased to students and others during the 2022/2023 financial year. Additional revenues were also earned from operating the bookshops at the campuses. THE WAY FORWARD Financial viability of the University depends on the continued partnership between the University, its contributing governments, alumni, donors to research projects students, staff and other stakeholders. The UWI appreciates the financial and other support received, which has enabled it to maintain its current commendable ranking as being among the best in the world. The efforts of all members of staff in the Office of Finance and the Campus Bursaries are appreciated, for maintaining sound financial practices and contributing to the achievement of the financial goals of The UWI. Improving the financial health of The UWI remains a priority, and The UWI will therefore continue to focus on revenue generation and cost containment. The finance team remains committed to achieving the targets of the 2022–2027 Strategic Plan, the second phase of the “Triple A Strategy”, dubbed the “Revenue Revolution”, as The UWI seeks to deliver quality service and drive Caribbean development.
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