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April 29, 2013 | by  | in News | [ssba]

Canter-buried in Debt

Canterbury University is seeking up to a quarter of a billion dollars from the Government in order to stay afloat financially, hoping to turn the recent red ink back into black.

The University has faced continual money woes following the Canterbury earthquakes, which saw significant property damage and proved a turnoff for potential students. The amount sought by Canterbury—between $200 and $250 million—represents approximately five per cent of the University’s ten-year operating and capital-works budget.

Before the earthquake, Canterbury had $100 million in cash reserves, $60 million of which has since been used up, with the remaining $40 million expected to be used up by the end of the year according to Vice-Chancellor Rod Carr.

“We’re going to be in the order of runout,” Carr said.

Help is on the way, with the Government pledging to support the Science and Engineering faculties.

“The Government is committed to providing financial assistance to the University by October,” said a spokesperson for Minister for Tertiary Education Steven Joyce.

Strong revenue and relationships with major banks also ensure loans can be secured if need be, to keep the University afloat amid earthquake damage and dwindling student numbers in some faculties. Staff cuts have already been made, with more to come, said Carr.

Canterbury University will find out the actual amount of Government support it will receive in October.

[ssba]

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