ITT finances vulnerable after cuts

HEA SAYS CASH RESERVES DEPLETING BUT PRAISES INNOVATIVE APPROACH

INSTITUTE of Technology Tralee’s capital reserves are at risk of running out in the coming years according to a new report by the Higher Education Authority (HEA).

The HEA financial review of Ireland’s 13 institutes of technology also states that the Tralee college has seen a 10 per cent reduction in state funding since 2011.

In the report – which was published late last week – the HEA says that ITT and four other ITs have experienced a rapid depletion of their capital reserves and that there is a growing risk of that source of funding running out in the coming years.

ITT says it has enough cash reserves for three years.

However, the HEA report pointed out that projected annual income at ITT is expected to increase from €29.2 million this year to approximately €33.2 million by the end of 2020.

The college was also praised for its “innovative” approaches to generating income, in particular its partnership with the Royal College of Surgeons in running a foundation programme for medical students. ITT’s generation of six percent of its income from overseas students was also noted favourably.

The HEA panel said the college has “ambitious” plans to increase its income further though extensive engagement with schools; the growth of the successful medical foundation programme and the expansion of its part time and apprenticeship offerings.

A note of caution was struck over ITT’s forecast growth in student numbers. The HEA said, for demographic reasons, ITT’s predictions about future enrolments were “questionable”.