Latest news with #financialdeficit
BBC News
22-05-2025
- Business
- BBC News
More Cambridgeshire County Council-run schools in debt
More Cambridgeshire County Council-run schools ended the financial year in debt compared to last year "due to extra spending on high needs support", a report Cambridgeshire Schools Forum heard 37 maintained schools ended 2024-25 in deficit compared to 31 last Wade, the council's strategic finance manager, said this was "unsurprising" because increased staff costs had "not been met with increased funding".There were also calls for any staff pay increase to be fully funded by government. The Department for Education has since committed to paying 3% of next year's 4% pay award. It has also been asked to comment on maintained schools running into debt. Of the 69 maintained schools that had submitted their budgets for the upcoming year, 57 had proposed using reserves to balance their books, Mr Wade told the forum on Wednesday. The forum gives schools greater involvement in the distribution of Brook, from the National Education Union, said it had been a "catastrophic" year for school redundancies and meeting also heard from school leaders concerned about paying for increased Howard, head teacher at Meldreth Primary School between Cambridge and Royston, said delays getting top-up funding for children with extra needs meant her school was having to pay out of its own budget for the necessary Wade said there had been delays in completing assessments and he recognised the impact this was having. 'Ridiculously late' Jonathan Culpin, chief executive of Anglian Learning multi-academy trust which includes 18 schools, told the meeting about the impact possible staff pay increases could have on school budgets if they were not fully funded by Secretary Bridget Phillipson said she would accept the independent teachers' pay body recommendation of a 4% pay would be expected to find the first 1% of that award, the government said. Follow Cambridgeshire news on BBC Sounds, Facebook, Instagram and X.
Free Malaysia Today
20-05-2025
- Business
- Free Malaysia Today
Explain RM100mil cash advance, worsening finances, Guan Eng tells Chow
Lim Guan Eng said although Penang had reported a surplus of RM65 million as of March 31 this year, the figure dipped to RM43 million by May 2. (Facebook pic) GEORGE TOWN : Former Penang chief minister Lim Guan Eng is demanding that his successor, Chow Kon Yeow, explain the deterioration of the state's finances which led to the administration requesting RM100 million in advance from the federal government. Lim (PH-Air Putih) said the state's consolidated revenue plunged to RM50 million in 2024 from the RM1.15 billion recorded in 2019, representing a RM1.1 billion drop in five years. Penang's finances have come under scrutiny after it was revealed yesterday that the state took a RM100 million advance from Putrajaya to manage a potential RM500 million deficit. 'This shows a financial deficit due to excessive spending. Can we be given a detailed breakdown of how this money was spent?' Lim said during the debate on the motion of thanks to the governor in the state assembly today. The former finance minister said although the state had reported a surplus of RM65 million as of March 31 this year, that figure had already dipped to RM43 million by May 2. He said that while efforts to raise revenue and cut spending were welcome, they must not come at the cost of slashing any assistance to the public. Lim also questioned the state's debt to the Penang Development Corporation (PDC), which now stands at more than RM300 million. He said this was in contrast to Chow's 2023 claim that the state owed PDC nothing. 'How can the state suddenly owe hundreds of millions in under two years? Why was inaccurate information given to the state assembly?' he said. He criticised the handling of the controversial Batu Kawan land deal totalling 226ha. He said the land was first offered through direct negotiations to Umech Construction Sdn Bhd for RM646 million. After an outcry, the sale was cancelled and put up for open tender. The highest bid of RM818 million was offered by a consortium led by IJM Properties, but the tender was cancelled and re-tendered at a lower price. 'Is this true? Can we be assured that the land will now be sold for more than RM818 million?' he said. Lim also highlighted delays in the RM21.6 million Jalan Tok Kangar to Juru Auto City road widening project undertaken by PDC, which started in 2019 and is only expected to be completed by end-2026. He asked why there was a lack of enforcement against contractors and whether PDC officers were being held accountable. Separately, he asked for an annual RM10 million allocation to the RIBI (non-Islamic houses of worship) trust fund, saying that only RM12.2 million had been disbursed since 2018, or less than RM2 million yearly.
BBC News
08-05-2025
- Business
- BBC News
Four in 10 universities face financial challenges
More than four in 10 universities in England are expecting to be in a financial deficit by this summer, according to new report from the Office for Students (OfS).The OfS, which regulates higher education providers, said universities were closing courses and selling buildings to cut costs, but "significant reform and efficiencies" were needed to turn the said a drop in international students coming to the UK was the main reason for the worsening financial position. Universities UK (UUK), which represents 141 institutions, said the report was "deeply sobering". The report found that 117 of 270 higher education institutions (43%) registered with the OfS expected to be in deficit by July - despite course closures, job losses and selling off third consecutive year of worsening finances was mainly driven by a fall of almost 16% in international student numbers, it said, particularly following visa changes in January 2024. Universities have become increasingly reliant on higher fees from international students in recent years, as tuition fees from UK students have not kept up with financial plans predict that more than half of the growth in their income up to 2028 will come from international students- but the OfS warned that this was OfS said it was working with a small number of institutions where it had particular concerns about financial viability. Philippa Pickford, director of regulation at the OfS, said no medium or big institution was close to the brink and it was working with the government to draw up a failure a briefing with journalists, she said the OfS was working with a small number of institutions where it had particular concerns about financial added that any student going to university this autumn should expect the course to be delivered as Stern, chief executive of UUK, said the report was "deeply sobering" but not surprising given frozen domestic tuition fees, visa changes and "a longstanding failure of research grants to cover costs".She said universities were doing "everything they can" to manage costs and that a UUK sector-wide taskforce would "unlock greater efficiencies".But she added: "The scale of the challenge means none of this will be enough without government on the pitch too." A recent snapshot of the financial decisions of 60 of the 141 institutions in UUK found almost half of those responding had closed courses, or reduced options for students in the last three years. Industrial disputes are under way in several cities as a result. Universities are now anxiously awaiting the government's draft plan for managing immigration, which is expected to further limit visas for students applying from Nigeria, Pakistan and Sri Lanka. Attracting international students who pay higher fees and spend money in the UK is counted as an export. The rule change in January 2024 prevented postgraduate students from bringing relatives, and has led to a drop in numbers higher fees paid by international students have been used to prop up university finances after many years in which tuition fees for students in England have barely increased. While fees are due to go up this autumn to £9,535 for students in England, ministers have yet to say what will happen in following years. The government is carrying out a review of university education, including funding, which is due to report this summer.
