Posted: Friday, November 2, 2018. 8:45 am CST.
By BBN Staff: Yesterday President of the University of Belize, Clement Sankat, held a press conference on its annual report for 2016-2017.
During that press conference, Sankat revealed that the university was spending more than it was earning.
According to him, “That is bad news for any business because you can soon become insolvent.”
He revealed that the university has been operating with a deficit of around three million dollars.
He informed that the university took a decision to break this cycle.
“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,” he said.
According to him, the deficit is now being reduced.
However, the challenge persists because the university relies mainly on tuition/fees and government subvention for its income.
According to him, while the university must face its recurring expenditures, there is a need for an injection of capital expenditure.
The university is looking at various ways to raise needed funds.
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