Mr. Seamus McCarthy:

I will keep it brief. The financial statements before the committee in this session relate to Dundalk Institute of Technology's financial year ending on 31 August 2015. I draw the committee's attention to the fact that the universities' end of year is end September. The institutes all have an end of year of 31 August. Dundalk Institute of Technology's total income for the year amounted to €47.4 million. State grant funding totalled €16.3 million, which was approximately one third of the total. Tuition fee income of €18.7 million included fees paid by the State totalling €3.6 million and student contribution income of €10.1 million. Expenditure in the year was €48.7 million. Of this, just under 70% was accounted for by staff costs. A detailed analysis of expenditure is given in note 12 of the accounts. The income and expenditure account indicates that the institute incurred an operating deficit in the year totalling €1.3 million. I point out in my audit report that this is the third successive year in which the institute has incurred a deficit, leaving it with an accumulated deficit at the year end of €3.2 million. The governing body addressed the question of its recurring deficits in note 26 and concluded that it remained appropriate at the date of signing to prepare the financial statements on a going-concern basis. I also point out in my audit report that there was procurement by the institute totalling €1.18 million worth of goods and services under arrangements that had not complied with standard competitive procurement procedures.