GMIT has highest budget deficit in the country

Galway Mayo Institute of Technology (GMIT) had the highest budget deficit of any of the country’s 14 institutes.

The latest figures from Education Minster, Richard Bruton, confirm that GMIT carried a budget deficit of €2.46 million during the 2014/2015 financial year.

Minister Bruton confirmed GMIT, which includes campuses in Mountbellew, Letterfrack, Castlebar and Galway City, has “reserves which can be used to meet their deficit”.

The figures for 2015/2016 are not yet available, he said.

Nine of the country’s 14 institutes of technology (IoTs) carried budget deficits during 2014/2015 but GMIT had the highest.

The next highest was Cork IT (€2.3 million); Athlone IT had a deficit of €528,000; and Tralee IT’s deficit ran at €1 million.

Proposals are underway to merge three institutes of technology in the West of Ireland. The Connacht Ulster Alliance consists of GMIT as well as Sligo IT and Letterkenny IT.

According to the figures provided by the Minister, Letterkenny IT had a deficit of €1.3 million in the most recent accounts, but Sligo had a surplus of €2 million.

Minister Bruton said: “The Higher Education Authority are closely monitoring the financial position of all of the institutes of technology and in particular are working closely with those operating in deficit to ensure appropriate mechanisms are put in place to eliminate the deficits as quickly as possible.”