Magazine article Public Finance

Scotland's Colleges Move Back into the Black

Magazine article Public Finance

Scotland's Colleges Move Back into the Black

Article excerpt

Scotland's further education colleges have improved their financial performance, moving from an overall deficit of £6m in 2002/03 to a £16.9m surplus in 2006/07, according to Audit Scotland.

The watchdog had highlighted concerns about the sector and the financial management of individual colleges in 2003. Since then, there has been a significant improvement in colleges' financial position, says its report, Financial overview of Scotland's colleges 2006/07.

Published on April 24, the report also found an increase in the number of individual colleges recording operating surpluses.

Overall accumulated reserves have grown to £98.9m, although almost half of this is held by two institutions - Edinburgh's Telford College and Aberdeen College.

The report says increased funding, better management peer support and learning lessons from past difficulties have combined to help the colleges attain a healthier financial state. …

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