The Fiji National University’s financial position remains strong as of December 31, 2022 and this position might change if there is a significant change to its main revenue sources.
This is stated by FNU’s chief financial officer Nilesh Prasad in the FNU’s 2022 annual report that was tabled in Parliament last week.
The FNU’s net assets at December 31, 2022 was of $343.5 million a slight increase of 3 per cent compared to $332.5m in 2021.
“The university recorded an operating surplus for the year, achieving an operating surplus of $11m compared to $0.4m surplus projected in the budget and a $15.2m surplus in 2021,” Mr Prasad said in the report.
“The operating surplus is due to savings in employerelated expenses and other operating expenses.
“Income for 2022 increased by 3.8 per cent to $149.6m from $144.1m in 2021. Not all components of income have increased. There was a decrease in government grants by 6.5 per cent to $44m from $47.1m in 2021.
“This was attributed to the reduction in government funding from $49m in the 2020/21 period to $44.4m in the 2021/2022 period.
“Total operating expenses increased by 7.6 per cent in 2022. The operating cost increased by 18.5 per cent, and the personnel cost increased by 1.9 per cent. The increase in employee-related expenses to $64.1m from $62.8m in 2021 was due to a 5 per cent increase in salaries and wages as a Cost of Living adjustment.
“The 2022 financial result shows that the university continue to improve its financial performance.
“It will continue to exist as a going concern and remains sustainable over the long term. The position might change if there is a significant change to its main revenue sources.”
