Central cost saving
For each area of activity that forms Size and Shape, there is a set of drivers (why we’re doing this) and a set of outcomes (what we aim to achieve).
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To contribute to the overall Size and Shape financial targets, we are reviewing all costs sitting within central University budgets, to identify potential areas of discretionary expenditure that could be reduced from existing and planned levels.
Any savings or income generation identified centrally will lessen the overall financial burden elsewhere, potentially reducing the extent to which savings in staff are required.
We have reviewed all costs sitting within central University budgets, to identify potential areas of discretionary expenditure that could be reduced from the existing and planned levels.
This work has identified around £3.1m of potential savings within the University’s central budgets. We had expected to find savings of around £1-2m in this way, so this is a good outcome, which lessens the overall financial burden elsewhere, potentially reducing the extent to which savings in staff are required.
These savings will be implemented for the 2021/22 academic year, with some savings possible in the current academic year.
A further outcome will be that central costs have greater University and stakeholder ownership going forward, with greater scrutiny, transparency and control as a result.