Vice chancellor Robin Pollard said the rapid turnaround in finances was the result of a collective response by staff once the seriousness of the accounts became apparent.
Costs were contained, some staff were made redundant and new financial planning was introduced, which made faculties accountable for their costs, including office space.
“That has had quite a strong affect. People think that things do come at a cost.”
Pollard, who was appointed 15 months ago to turn around the university’s fortunes, launched a project called Refreshing Lincoln. He said changes to way it operated were progressively being rolled out.
“Because the finances have improved we can turn our minds to redeveloping the campus, knock down the buildings that are not being used and improve the ambience of the campus for students.”
Enrolments fell after the earthquakes then recovered but had remained flat since, with numbers this year expected to be similar to last year.
Pollard said that could be partly attributed to media coverage of its financial issues but the “heavy lifting” was complete.
Improving the attractiveness of Lincoln programmes was a priority with the lure of the pending Lincoln science hub seen as a chance to link research and education.
He believed the boundary between teaching and research should be blurred and academia was better supported by a multi-disciplined and multi-institutional approach.
In his April report to stakeholders Pollard said Refreshing Lincoln had clarified the university’s purpose to be a world-class education and research institution focused on the needs of the land-based sector.
The Lincoln Hub, a joint venture between Lincoln, AgResearch, DairyNZ, Landcare Research and Plant and Food Research, would allow interaction between students and researchers.
Traditionally, involvement in research or major projects had been offered to fourth year students but Pollard said he could see no reason why it would not be offered earlier, even in their first year.
“I’m advancing this as a way of introducing research into earlier years of a student’s time at Lincoln, to build it in to their programme.”
Part of that would come in a new, joint building to be used by Lincoln and AgResearch.
It would be one of five buildings in the $206 million Lincoln Hub complex and be fitted out in laboratory and education facilities.
Pollard estimated there would be 700 researchers at the hub, who ultimately could have a role in educating students and have a key role addressing challenges facing agriculture.
A transformation board, had been formed to provide advice and recommendations to the University council on the direction the university should take and how it should reposition itself.
In its briefing document the university’s 2017 budgeted earnings before interest, tax, depreciation and amortisation were $8.3m or 6.6% of revenue with a $1.3m operating surplus expected.
The ultimate EBITDA target was $10.8m or 9% of revenue.
In 2015 EBITDA was $1.3m and the operating deficit was $5.2m but the accounts were healthier in 2016 with EBITDA of $5.5m and operating surpluses of $400,000.
Cash reserves, which dipped below $15m in 2013-14, were restored to more $40m last year.
