GOTAFE $16m turnaround

From $4.5m deficit to $11.5m surplus: but big challenges still remain

GOULBURN Ovens TAFE has recorded the biggest financial turnaround of any Tafe in Victoria.

GOULBURN Ovens TAFE (GOTAFE) has recorded the biggest financial turnaround of any TAFE in Victoria.

GOTAFE recorded a surplus of $11,493,000 in 2012, a massive change from a $4,474,000 deficit recorded in 2011.

The $16m turnaround came in a year when the combined result for Victorian TAFEs was a 39.1 per cent drop in surpluses.

The figures were revealed in an Auditor-General’s report into the financial reporting of tertiary education and other entities, released on Wednesday.

Money received through student fees also jumped at GOTAFE, with a 30.9 per cent increase, or a rise of $1.03m recorded between 2011 and 2012.

But in a negative for GOTAFE, the institute’s financial sustainability over the past two years was classified as medium risk, though the five year analysis saw GOTAFE in the low risk category.

GOTAFE chief executive officer, Paul Culpan, said while the result was positive, GOTAFE still had many challenges, with the full effect of government funding cuts to be felt this year.

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