CHAIR APPROVED BUT NOT CONFIRMED BY THE COMMITTEE
Finance Committee MINUTES | PART A
18 September 2024
HYBRID | Council Meeting Room and via Zoom
8 am to 10 am
Present: Rob McDonald (Chair), Cecilia Tarrant, Professor Dawn Freshwater, Cathy Quinn, John Paitai, Gemma Skipper, Professor Julia Tolmie and Hala
Barakat
In Attendance: Adrienne Cleland, Tim Bluett, Helen Cattanach, Pamela Moss, Cameron Thomas, Patricia Yap, and Ruwani Dharmawardana
1. Apologies
Apology for absence was received from J Arnott-Neenee.
2. Disclosures
The attention of Members was drawn to the Conflicts of Interest Policy and the need to disclose any interest in an item on the
of Interest
agenda of the meeting as set out in Schedule 11, Clause 8 of the Education and Training Act 2020.
No further disclosures were made.
3. Minutes of
Item No 3.1: Minutes, Part A 12.08.2024
RESOLVED (Chair | Professor Julia
Finance
Tolmie) that the Minutes, Part A, of the
Item No 3.2: Matters Arising from the Minutes, Part A, not
Committee of
Finance Committee held on 12.08.2024 be
elsewhere on the agenda.
12.08.2024
taken as read and confirmed.
No matters were discussed that needed further attention, as part of the
follow-up from the previous meeting.
4. Other Matters
None
for Decision or
Noting
FINANCE COMMITTEE MINUTES – PART A | 1 8 S E P T E M B E R 2024
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CHAIR APPROVED BUT NOT CONFIRMED BY THE COMMITTEE
Other Matters for
The following section has been approved for insertion into Part A of the minutes.
Decision or
It contains the 2024 Forecast Performance summary for the Finance Committee.
Noting
A refresh of the May forecast has been undertaken,
reflecting actual enrolments and results to 31 July
2024. Forecasts and comparatives in the table to the
left show the consolidation of the University and
UniServices excluding the Foundation.
The forecast Operating Surplus is $23.3m, now close to
budget and improving on the previous forecast
primarily due to improved enrolment expectations,
changes to the timing of property project expenses, the
revision of 2024 scholarship numbers and some initial
financial improvement savings.
Enrolment numbers are 1,088 EFTS higher than budget,
growing by 3.3% over last year especially among new
domestic undergraduates and postgraduate taught
students. With the second semester enrolments now
secure, undergraduate retention has improved and
returning domestic undergraduates are much of the
forecast improvement, but with 42 additional
international EFTS also.
TEC funding reflects the 5% inflationary increase and
the additional 4% temporary funding increment from
the previous Government. Teaching costs are ahead of
budget.
The improved research contribution reflects improved
project margins at UniServices.
Other costs are forecast above budget, reflecting the
progress of key strategic projects, including the
implementation of a new software-as-a-service
enterprise system.
Amortisation charges from the non-cash fair value gains
recognised in previous years relating to an interest-free
loan and asset gifts will amount to nearly $18m in
2024.
TEC risk ratios remain at lower risk levels.
FINANCE COMMITTEE MINUTES – PART A | 1 8 S E P T E M B E R 2024
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CHAIR APPROVED BUT NOT CONFIRMED BY THE COMMITTEE
5. Leave of Absence
No leave of absence was received for the meeting scheduled for 20.11.2024.
6. Public Exclusions The general subject of each matter to be considered while the
RESOLVED (Chair | Professor Dawn
public is excluded, the reason for passing this resolution in relation
Freshwater) that the public be
to each matter, and the specific grounds under section 48(1) of
excluded from Part B of this meeting
the Local Government Official Information and Meetings Act 1987
AND THAT Ms Cleland, Mr Bluett, Ms
for the passing of this resolution are as follows:
Cattanach, Ms Moss, Mr Thomas, Ms
Yap, and Ms Dharmawardanabe be
General subject of each matter to be considered:
permitted to remain for this part of the
Item No 7.1: Finance Committee Meeting 12 August 2024, Minutes meeting, after the public be excluded,
Part B
because of their knowledge of the
matters to be discussed.
Item No 7.2: Finance Committee Meeting 12 August 2024, Matters
Arising from Minutes, Part B
This knowledge, which will be of
assistance in relation to the matters to
Item No 8.0: Financial Performance 2024 to 2026
be discussed, is relevant to those
Item No 9.0: TEC risk assessment of University of Auckland
matters because they relate to aspects
of the administration of the University
Item No. 10.0: Treasury Management, Compliance and Cash
of Auckland for which those persons are
Flow Report
responsible.
Item No. 11.0: Domestic Student Fees 2025 and International
Student Fees 2026
Reason for passing this resolution in relation to each
matter: The protection of the interests mentioned
below.
Grounds under section 48(1) for the passing of this
resolution: Those in Section 9 of the Official Information
Act 1982 namely:
i) To protect the privacy of the persons referred to in
the recommendations and to maintain the
confidentiality of those recommendations; and
ii) To enable the University to carry on without
prejudice or disadvantage negotiations; and
iii) To prevent the disclosure or use of Official
Information for improper gain or advantage.
FINANCE COMMITTEE MINUTES – PART A | 1 8 S E P T E M B E R 2024
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CHAIR APPROVED BUT NOT CONFIRMED BY THE COMMITTEE
The meeting moved into a Public Excluded session at 08.05 am.
The meeting closed at 9.20 am.
Approved as a true and correct record.
Rob McDonald, Chair
Date:
FINANCE COMMITTEE MINUTES – PART A | 1 8 S E P T E M B E R 2024
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