Vice-Chancellor’s Report
“Ten in Two”Austerity Measure In an attempt to accelerate its comprehensive austerity programme, following its strategic plan mid-term review, the UWI executive management team approved a “Ten in Two Strategy” that requires all campuses, Regional Headquarters and the Vice-Chancellery administration to cut expenditure by 10% over the next two years. Operational units were also asked to increase top-line revenue generation by 10% over the same period, to achieve a UWI-wide savings of approximately US$30 million.
The TAC, comprising permanent secretaries and technical experts in Education and Finance ministries of governments, examined the reports of Vice-Chancellor, Professor Sir Hilary Beckles, and campus principals. It was noted that, in the face of global financial challenges, The UWI had developed strategies to do better with less public funding, and become more financially efficient, while reengineering itself. In recognition of their efforts, the Vice-Chancellor and his team of principals received a standing ovation, and the TAC’s commendation for visionary strategic leadership.
In this effort to restore its financial health, The UWI is making a brave and unprecedented shift from the traditional financial model of education in the region. Its commitment remains balancing prudent and responsible management with visionary and imaginative initiatives.
UGC Examination of Alternative Funding Sources
When the University Grants Committee (UGC) met in November 2018 to examine alternative sources of funding, its Chair, Barbados’ Prime Minister and Minister of Finance, Economic Affairs and Investment, the Honourable Mia Mottley, proposed the establishment of a University Trust Fund to manage The UWI’s wealth potential, which could be initially capitalised by participating governments through the physical assets and other revenue performing assets that many governments had pledged in settlement of their debts in lieu of cash. It was also suggested that The UWI could seek gifts of land and shares from governments and individuals, especially alumni, to add to its corporate endowment programme. Altogether, such a Trust Fund is expected to help the University to keep the fees paid by governments and students down to an affordable level. Standing Ovation at TAC In February 2019 the Technical Advisory Committee (TAC) of CARICOM’s contributing countries to The UWI met in Antigua and Barbuda to discuss the institution’s biennium budgets and requests for funding of its Triple A Strategy.
Technical Advisory Committee Meeting 2019
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