year in review 2018 Paperturn - Page 33



2018: A YEAR IN REVIEW | VICE-CHANCELLOR’S OVERVIEW
of R100 million, as well as a positive
shift in spend culture across the
university.
control environment, offer quality
service, provide quality reporting
and facilitate increased funding
opportunities.
Transforming the department to
one that is fair and equitable is a high
priority. While it remains an ongoing
process, the Finance Department has
performed exceptionally well in this
regard, with transformation being
evident on all levels.
INCREASING REVENUE STREAMS
UCT’s cost base remains high
with very limited opportunity for
revenue growth. We are reliant on
government funding and student fees
to maintain operations. These two
income streams make up 42% and
43% of our total income respectively.
UCT’s student enrolment currently
sits at approximately 29 000 per
annum, with little chance of a
significant increase in the near future.
When it comes to increasing student
fees, government remains influential
and the university is thus strongly
guided to not increase fees beyond
a certain percentage for each new
academic year.
MAINTAINING A FIRM
FINANCIAL FOOTING
Despite the institution’s list of annual
expenses – including its R220 million
utility bill (UCT is one of Cape
Town’s largest property owners),
a teaching and learning staffing bill
of R2.2 billion (66% of our total cost
base) and a R180 million travelling
bill for academic and non-academic
staff – we have maintained a stable
financial outlook.
UCT prides itself in curtailing
unnecessary student fee writeoffs. Finance records indicate that
we were about 1% slower with fee
collection in 2018 when compared
to 2017, but we remain consistent
when collecting our debt.
The 2016 austerity process was a
painful and unsettling exercise, but
controlling costs amid a significant
decline in revenue and aboveinflationary cost increases was
absolutely necessary and in the best
long-term interests of the institution.
Results achieved include the targeted
institutional cost reduction in excess
COMMERCIAL DEVELOPMENT
The Finance Department established
a UCT-owned food company under
the brand Food & Connect, with a
total of nine Food & Connect stores
currently scattered around campus.
After just six months, the long queues
demonstrate that it’s been well
received by the UCT community.
As part of the expansion project
for this brand, the plan is to introduce
two food trucks that are able to move
around campus to provide staff and
students with grab-and-go meal and
coffee options.
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