QQI is funded both from the Exchequer and income generated from the charging of fees. A substantial element of QQI's fee income is demand led and consequently revenue from this source can vary year on year. When this income has increased beyond annual projections, QQI has realised resultant savings in its Exchequer allocation.
Over the latter period of 2017, QQI experienced a reduction in its fee income. This is the first reduction in the overall level of fee income received by QQI since its establishment. Despite budgetary savings being identified, the agency required an additional €344,000 in Exchequer funding to meet its operational costs to year end.
QQI's Exchequer funding allocation for this year has been increased from €4m to €4.505m. This is based on revised projections for the level of fee income to be received in 2018 and also provides for pay restoration under the Lansdowne Road Agreement.