- A lack of transparency and accountability make it difficult to identify the financial consequences of decisions and ensure that there is alignment of costs and benefits;
- The surplus that the academic divisions1 generate is being double-counted, as part of the surplus is required to fund core University investments;
- A number of the academic divisions are in recurrent financial deficit;
- There is a lack of clarity over the status and use of historic departmental reserves;
- Financial planning is focused on a single year; and
- There is insufficient provision for future capital requirements and for meeting increasing challenges in providing essential services such as IT and repairs and maintenance.
1Note – in the context of the Finance White Paper, ‘division’ means the grouping of academic departments acting collectively as one of the four academic division