In May Charles Sturt University launched the Sustainable Futures program to help reshape and reposition the University to deliver high-quality education and research for our students, communities and industry.
The following information summarises the University’s financial position:
- Charles Sturt forecast a $16.2 million structural deficit at the start of 2020;
- COVID-19 was forecast to have a negative impact of approximately $80 million on revenue;
- The revenue impact of COVID-19 resulted in a forecast deficit of more than $49.5 million in the financial year;
- The implementation of Sustainable Futures will reduce this deficit to approximately $22 million in the financial year, and the full implementation of the program will put the University on the path to a balanced budget by the end of 2021.
This means structural financial issues led to our pre-COVID deficit, and we are taking the right actions to fix those on top of managing the unprecedented impact of COVID-19.
This review is now complete and has broadly confirmed the key points outlined above and we hope our students, staff and community stakeholders are reassured that our actions are returning the University to financial sustainability.
We have shared this update with relevant stakeholders and it has been positively received.
It is also important for the community to know that Charles Sturt’s financial statements, along with those of all New South Wales universities, are audited every year by the NSW Audit Office in a transparent process.
As required of all universities, we have recently provided our financial statements as of 30 June 2020 to the Tertiary Education Quality and Standards Agency. Our Annual Reports and financial statements are publicly available.
We are confident we are in a strong position to steer the University through the current challenges and will continue to deliver for our regions in the long term.
The response from the staff of Charles Sturt has been exceptional as the University has dealt with this challenging period.