Better management needed at UCy, MPs say

The University of Cyprus’ (UCy) financial management needs to be rationalised and modernised, the House education committee said on Wednesday, while examining the university’s budget.

Although the budget submitted to the committee was balanced with revenues and expenditures of €188.4 million, it was reported that the budget is in deficit by €22.1 million mainly due to current and capital expenditures.

In particular, the provisions presented were much lower than actual needs, and it was reported that additional needs would be covered by a supplementary budget. It was also estimated that the deficit for 2025 would amount to €31.2 million and for 2026 to €36.6 million.

Speaking after the committee session, head and Diko MP Pavlos Mylonas expressed concern over the figures presented and said the committee was asking for transparency, scrutiny and explanations on many issues.

Referring to the deficits projected for 2024, 2025, and 2026, he said that an alarm needs to be sounded at the ministries of education and finance, as he said it is taxpayers’ money.

He expressed the view that there is a waste of resources at the university and that there is a need for prioritisation of needs by the executive.

MPs from the opposition Disy and Akel also agreed that there needs to be better financial management at the university, and that the government needs to act on it.