The Union of UEA Students have announced that the budget deficit has been reduced, and that while they have not quite met their targets for the year, there has been a definite improvement.
Photo: Images of Money (Flickr)
As of the nine months ending 30 April 2012, the Union was at a deficit of £132,000. While this is not quite on target, it represents a significant improvement in the deficit from last year.
While the Union expected to reduce the deficit to £15,000 in 2012/13, this has since been revised to £114,500 over the academic year.
Some Union services on campus have seen a slight increase in sales for the six months ending 31 October 2012, representing an improvement as sales slowly increase.
In particular, the Travel Shop and LCR ticket sales for club nights are both ahead of their targets, with the LCR ticket rep scheme being credited for the increase.
The sale of gig tickets at the LCR continues to be well down on estimates, with only £168,159 sold. However, the costs of putting on gigs at the LCR has also been reduced at the same time. This means thtat the figure stands at an underperformance of 49%, although figures from several gig nights throughout November are expected to improve this.
Meanwhile, The Waterfront continues to bring in a steady stream of income, exceeding nearly all its targets in the same six-month period.
The Union Food Outlet and Paper Shop have both missed their budget targets, with sales down by 6%. However, plans to merge the Union’s outlets into a so-called “mega-store” will begin during the Easter holidays.
Under the plans, which are being funded by the University, the Accommodation Office will be relocated to Broadview Lodge, and it is hoped that combining all of the Union’s shopping outlets will help reduce their budget deficit further. The “megashop” is planned to officially open in September 2013, in time for the intake of new students.
In response to the figures, the Union’s Finance Officer Joe Levell said: “The budget for the year shows a lessening of the deficit from last year. We are in a significantly better position than we were 12 months ago; with the planned development of the UFO, we hope to strengthen our commercial activity and build towards a more financially stable Union.”