A unit cost system of allocating funds to the institutes of technology has not yet been developed.
The annual budget for each institute is at present allocated on the basis of its total pay and non-pay requirements following consideration of its annual programmes and budget submission which is required under the RTC-DIT Acts. The allocation takes into account the complexity of each institute, the range of courses and facilities offered to students, the total number of students, both full-time and part-time, and the nature of the infrastructure. Decisions on the allocations also have regard to government policy and priorities.
With regard to funding for the Waterford Institute of Technology, my Department's provisional budget to the institute for 2004 is €41.6 million. This compares with a budget of €39.6 million in 2003, an increase of 5.1%. This compares with an increase of 4.5% to the Dublin Institute of Technology and 4.4% to the Cork Institute of Technology.