7 News Belize

UB Reports on Finances
posted (November 1, 2018)

And while Briceno says he's thinking about the economy before education, today the University of Belize was thinking about its finances.  The institution held a press conference on its annual report for 2016-2017 at UB's West Landivar Belize City campus. President Clement Sankat outlined all the accomplishments so far as well as the challenges they face –one such being finances. The president has made it known that the University is operating on a deficit of about $3 million dollars. But Sankat says they are addressing this serious money issue.

Clement Sankat - President, UB
"In 16-17, we immediately took the decision that we have to break this cycle of a lost position at the University of Belize. The accounts show that we are spending more than we are earning. That is bad news for any business because you can soon become insolvent. We took the decision, we got to break this stranglehold and we had to become more efficient, we had to increase productivity and we had to reduce waste. Now, the data that you have in-front of you is still not very good because the University of Belize technically is still losing 2 to 3 million dollars a year; however, it is being reduced year by year. Whether we can actually break even under the current circumstance, where our income comes mainly from tuition and fees, I say our income comes mainly from tuition and fees and from government subvention continues to be a challenge. Of course there is also the need not only for an injection for new recurrent expenditure, there's an absolute need for an injection for capital expenditure. To fix the roads, to fix the parking lot, to paint the buildings, to put in some new buildings and we are trying through creative means but I think I'll be less than honest if I didn't say, we do need some new injection."

The University is looking at internal means - meaning cost - cutting where they can and fundraising through their endowment plan – as well as external means to raise funds.  

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