Oireachtas Joint and Select Committees
Thursday, 22 June 2017
Public Accounts Committee
Dublin Institute of Technology and Cork Institute of Technology: Financial Statements
9:00 am
Ms Colette Drinan:
The financial statements before the committee in this session relate to Cork Institute of Technology's financial year ending on 31 August 2015. The institute's consolidated income for the year amounted to €97 million, of which State grant funding accounted for €37 million. Tuition fee income of nearly €31 million included fees of €5.6 million paid by the State and student contribution income of over €18 million. Research grant income was €15 million. A percentage breakdown of income is shown in the diagram on-screen. Expenditure in the year was nearly €98 million. Approximately 68% of this was accounted for by staff costs. A detailed analysis of expenditure is given in note 12 of the accounts. The institute incurred a deficit of €1.2 million for the year, and had an accumulated deficit of €1 million on 31 August 2015.
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