Yorkshire Post exposes £100 Million accounting error
The University states that the £20M per year error in the projected budgets of their £450M turnover institution (source) was “just a spreadsheet error” and “irrelevant to the economies exercise” because the money was not theirs in the first place. The University argue that the error is not the reason behind the emergency meetings and the economies exercise that were announced within a few weeks of that error being announced. Instead, the University puts the cause of the economies exercise on the recession, and predicted public funding cuts, both of which were public knowledge in January and during the IPE.
In his July 2009 ‘Leader Column’, before the £20M a year was discovered as being an error, the VC stated that: ” The gloomiest of predictions sees us losing upwards of £20m a year”. So, what was seen as a worse-case scenario in July, became something to shrug off as ‘not our money’ when the University brought about that scenario by its poor financial management two months later.
The Yorkshire Post today publishes a report on the University of Leeds. Go here to read their story