Staying Financially Healthy

The OLI continued to operate on the self-financing principle and covered nearly all its recurrent expenditure from tuition fees. However, to meet its capital expenditure needs, donations were received from various individual philanthropists, corporations and charitable foundations. The government also allocated special grants for the Institute to build its campus, to introduce the Student Loan Scheme, to start the Electronic Library project and to support research development.

A staff representative presents money raised from the Walk-for-Millions to the Community Chest.

The Institute received a total of $38.2 million in donations and government grants. Income of $14.2 million was generated from the Donation Funds and Grants against $52.9 million expenditure in the same period. Total Donation Funds and Grants stood at $242.4 million at the end of the 1996/97 year.

Staff and families gather together before the Hong Kong Walk-for-Millions.

It was the Institute's fourth year of self-financing and the second consecutive year in which a very small surplus was achieved, proving once again the viability of its financial management strategies.

Total income for the year grew by 17 per cent to $333.1 million. The total income collected from tuition fees was $313.8 million, compared with $266.9 million in the previous year.

Investment and interest income on working capital reached $10.7 million, representing a return of 7.05 per cent compared with the average short-term deposit rate of 5.7 per cent.

Total expenditure increased by 16 per cent to $319.8 million. The rise was attributable mainly to increases in the number of higher level and Honours courses, the offering of Master's programmes, and the effect of inflation. As in the previous year, academic expenditure was maintained at about 60 per cent of the total expenditure.

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