Dáil Éireann Debate, Tuesday - 6 December 2016
151. Deputy David Cullinane asked the Minister for Education and Skills if Waterford Institute of Technology was running a surplus or a deficit in each of the years 2007 to 2016 to date; the plans in place to deal with the current deficit; and if he will make a statement on the matter. [38518/16]
View answerThe position with regard to the accounts of Waterford Institute of Technology (WIT) is that for the academic years 2007/08 to 2009/10, the Institute was in surplus while for the period 2010/11 to date the accounts are showing a deficit.
The Higher Education Authority (HEA) has been closely monitoring the financial position of all of the Institutes of Technology (IoTs), including WIT, and has agreed measures with WIT to achieve financial stability through targeted strategic changes within the institute. It is expected that with the implementation of these measures WIT will return the financial position to one of operational breakeven by the end of the academic year 2017/18.
These measures are in line with the HEA's policy framework for vulnerable IoTs. This policy requires an IoT carrying a deficit to produce a three-year financial plan which will implement a range of actions to return the Institute to a balanced budget position within a three-year period.
