2018–2020 budget - western sydney university€¦ · 2 western sydney university 2018–2020...

20182020 Budget

NOVEMBER 2017

Western Sydney University2

20182020 BUDGET NOVEMBER 2017

Index of Tables 3

Vice-Chancellors Preface 4

Strategy 8Other Strategic Considerations 8Risk Management 9

20182020 Budget Overview 10Schools 10Research 10Divisions 10Central 10Controlled Entities 10Budget Summary 11

The Schools 13Education 16Humanities and Communication Arts 21Social Sciences and Psychology 26Business 32Law 37Medicine 41Science and Health 45Computing, Engineering and Mathematics 50Nursing and Midwifery 56

Research 62

The Divisions 64The Chancellery 68Division of Academic 71Division of Research, Engagement, Development and International 77Division of Finance and Resources 83Division of People and Advancement 89

Central Activities 95Strategic Initiatives 95University Wide Costs 97

Capital Expenditure 98

Controlled Entities 99

20182020 Operational Budget 100Financial Overview 101Income Statement 102Revenue Projections 108Expense Projections 115

Schools 115Research 116Divisions 119Strategic Initiatives 120University Wide Costs 121

Consolidated Balance Sheet 126

Consolidated Statement of Cash Flows 128

Capital Expenditure 131Estate Program 132

Controlled Entities 139Western Sydney University Enterprises Pty Ltd (trading as Western Sydney University The College) 140Western Unlimited Ltd 143Western Sydney University Early Learning Ltd 147Whitlam Institute within WSU Ltd 151

Appendix A 153

Appendix B 154

Appendix C 158

Contents

westernsydney.edu.au


3

Table 1: 20182020 Budget Summary 11

Table 2: Total Schools Balance Available by Funding Source 13

Table 3: Total Student Load by School 15

Table 4: School of Education Balance Available by Funding Source 19

Table 5: School of Humanities and Communication Arts Balance Available by Funding Source 24

Table 6: School of Social Sciences and Psychology Balance Available by Funding Source 30

Table 7: School of Business Balance Available by Funding Source 35

Table 8: School of Law Balance Available by Funding Source 39

Table 9: School of Medicine Balance Available by Funding Source 43

Table 10: School of Science and Health Balance Available by Funding Source 48

Table 11: School of Computing, Engineering and Mathematics Balance Available by Funding Source 54

Table 12: School of Nursing and Midwifery Balance Available by Funding Source 60

Table 13: Research Expenses Budget Summary 62

Table 14: Total Divisions Balance Available by Funding Source 66

Table 15: The Chancellery Balance Available by Funding Source 69

Table 16: Division of Academic Balance Available by Funding Source 75

Table 17: Division of Research, Engagement, Development and International Balance Available by Funding Source 81

Table 18: Division of Finance and Resources Balance Available by Funding Source 87

Table 19: Division of People and Advancement Balance Available by Funding Source 93

Table 20: Strategic Initiatives Summary 96

Table 21: University Wide Costs Summary 97

Table 22: Capital Expenditure Summary 98

Table 23: Entities Financial Summary 99

Table 24: Income Statement 102

Table 25: Core Operating Result 104

Table 26: University Balance Available by Funding Source 106

Table 27: CGS/HECS Revenue by School 109

Table 28: CGS/HECS Revenue per EFTSL by School 110

Table 29: Performance Based Research Revenue Summary 111

Table 30: Other Government Grants Summary 112

Table 31: Schools International Onshore Revenue 113

Table 32: Schools Operating Expenditure Summary 115

Table 33: 2018 Research Expenditure 116



Table 36: Divisions Operating Expenditure 119

Table 37: Strategic Initiative Projects 120

Table 38: Buildings and Grounds 121

Table 39: Corporate IT 122

Table 40: Corporate Overheads 122

Table 41: Internal University Wide 123

Table 42: 2018 Expenditure Summary 124

Table 43: Consolidated Balance Sheet 127

Table 44: Consolidated Statement of Cash Flows 129

Table 45: Consolidated Cash Flow Reconciliation 130

Table 46: Capital Expense Summary 131

Table 47: Estate and Commercial Development Projects Summary 135

Table 48: The Entities Financial Summary 139

Table 49: Western Sydney University The College Financial Summary 141

Table 50: Western Unlimited Ltd Financial Summary 144

Table 51: Western Sydney University Early Learning Ltd Financial Summary 149

Table 52: Whitlam Institute within WSU Ltd Financial Summary 152

Table 53: 2018 CGS and HECS Student Load 154



Table 56: International Onshore Fee Revenue 156

Table 57: Local Post Graduate Fee Paying Revenue 157

Index of Tables



Vice-Chancellors Preface

In 2017, Western Sydney University faced a complex and diverse national and global higher education environment. Increased competition for students, static trends in commencing student numbers and pressure on traditional revenue streams identified as major issues in 2016, remain today. With Commonwealth funding and policy uncertainty and national and international volatility, Western Sydney University continues to maintain a conservative and risk-adverse approach to budgets. Despite the significant challenges, the University has responded appropriately to emerging sectoral trends with growth initiatives, including Western Growth, 21st Century Curriculum Renewal Project and an intensified emphasis on international expansion, alongside consolidation schemes, namely the Shared Services Program. Through a focused approach to reform, we have performed well across a number of key indicators including international rankings, enhanced student experiences, and the continued diversification of revenue streams.

HIGHER EDUCATION POLICY

Continuing uncertainty regarding Commonwealth funding arrangements and the implications of the Higher Education Support Legislation Amendment (HESLA) Bill 2017, passed by the House of Representatives in September, currently pose significant challenges to the higher education sector. HESLA incorporates measures that could considerably disadvantage Western Sydney University and the region with a reduction of $51.3m over four years in anticipated Commonwealth funding, alongside a potential $21.0m annual at risk performance funding component. In October, the Nick Xenophon Team (NXT) withdrew support for the Bill, effectively delaying any legislative changes this year. The NXT has called for a comprehensive review of higher education before it would support the Governments plans. The University is willing to consider supporting such an approach given the problematic history of reform in the sector over the past decade and the recognition that a number of key policy questions need to be addressed. These include reform of postgraduate funding arrangements and options for the enhancement of the demand driven funding system. The future of the HESLA legislation remains uncertain and it is possible the Bill could stay on the Senate list until the next election.

WESTERN GROWTH

In December 2016, the Board of Trustees endorsed the Western Growth strategy, which aligns the University with State, Local and Commonwealth Government objectives for Western Sydney. A key element of the strategy is CBD-based campus development. The Parramatta City Campus, launched this year with the opening of the Peter Shergold Building, has become a showpiece for interactive learning and business and community engagement. Similarly, technology-enhanced high amenity campuses are planned for Liverpool, opening in February 2018, and Bankstown with an anticipated opening date of 2021. The strategy also supports the Universitys international student focus through the re-location of The College activities from Westmead, particularly IELTS and Pearsons English Language testing programs, to new premises at Sydney Olympic Park. Concurrently, the University has been active in collaboration with Western Sydney and South Western Sydney Local Health Districts. The recently opened $21.0m Macarthur Clinical School at Campbelltown Hospital, and the development of the Campbelltown Sport and Health Centre of Excellence in partnership with Campbelltown City Council, ensure a significant University presence in South West Sydney. In addition, the revitalisation of the Universitys Westmead campus, which includes the co-location of education and research with business and industry, and community spaces, is well underway and establishes a gateway to the Westmead Health and Education Super Precinct. The Western Growth strategy also focuses on enhancing the Universitys current campuses. In 2017, the Parramatta South School of Science and Health Building was officially opened, further strengthening learning and teaching, and research capabilities for the School. The Universitys Hawkesbury campus recently launched a $7.0m high-tech Research Glasshouse, through a partnership with Horticulture Innovation Australia, which will be used for industry-driven research, education and training. Positioning the University as an anchor institution in Western Sydney continues to open new pathways for revenue and growth.



5

21ST CENTURY CURRICULUM RENEWAL PROJECT

In 2016, the Transforming Western Sydney University initiative identified curriculum reform as imperative to enhancing the Universitys reputation as distinctively student-centred and research-led. Tailored to maintain the Universitys competitiveness in the higher education market, the 21st Century Curriculum Renewal Project will create a new suite of signature learning experiences for students, and develop a revitalised and distinctive profile of courses by 2020. Complementary to this project is the development and enhancement of online offerings through Western Sydney Online, in partnership with Online Education Services. The Renewal Project provides an opportunity to reset the direction of curriculum development to align with a radically different future of work and addresses the challenge of making the University programs more appealing to prospective students.

SHARED SERVICES PROGRAM

In response to the need for more effective and consolidated service support to Schools following the Early Voluntary Retirement Scheme (EVRS), in late 2016 the University embarked on a major restructure and centralisation of its currently School-based professional services capability. The Shared Services Program identified opportunities for amalgamating services through consolidation of business processes and functions for more effective and efficient provision of services. Furthermore, it is anticipated that the significant variability in the quality of business practices across the University will be better managed and improved through standardised operating models across Schools and Institutes. A change process of this magnitude affects hundreds of staff and creates high levels of anxiety, which has been recognised and addressed throughout 2017. The University has made a firm commitment to substantially complete the change program this year and monitor implementation throughout 2018.

GLOBAL RECOGNITION AND REPUTATION

Western Sydney University now sits prominently in all the major university global rankings systems, including Times Higher Education (THE), Academic World Ranking of Universities (ARWU), Quacquarelli Symonds (QS) World Rankings, US News, Centre for World University Rankings (CWUR) and the Leiden University Rankings System. The University has maintained its position as follows:

Times Higher Education rankings 20172018, remaining in the 401500 band

Leiden 2017 bibliometric ranking continuing to rank 271st on this measure

QS World University Rankings positioned in the 551600 band and QS Top 50 (150) Under 50 Years Old, remaining in the 8190 band

Shanghai Jiao Tong University Academic Ranking of World Universities (ARWU) has placed Western in the Top 400 universities globally

US News Rankings, highly regarded in China, has placed the University in the top 400

Overall, subject rankings continue to improve. In 2017, eleven of the Universitys subjects ranked in the THE top 200. Of note, Nursing and Sociology ranked within the top 100 in the world. Furthermore, rankings improved for Communication & Media Studies and Education (top 150) and the University remains among the top 200 institutions in Agriculture and Forestry, and Geography. We have also significantly improved our position in the ARWU subject rankings with 12 subject rankings in 2017, in comparison to two subject rankings in 2016. Highlights include being placed 22nd in the world

for Nursing, top 75 in the world for Education, top 100 worldwide for Ecology, top 100 in the world for Civil Engineering, top 100 worldwide for Agricultural Sciences, and top 100 worldwide for Hospitality and Tourism. Most recently, the US News 2018 rankings placed the University 363rd globally and 22nd in Australia and NZ. In the US News world-wide subjects rankings, the University has placed 113th in the Humanities, 91st in Environmental Ecology, 113th for Plant and Animal Science, 157th for Psychiatry and Psychology and 248th for Social Sciences and Public Health.

INTERNATIONAL OUTREACH AND INITIATIVES

In 2017, Western Sydney University deepened its focus on enhancing international activities. Initiatives introduced in 2016 and 2017 have increased international student load and the Universitys reputation and reach in international markets. This included the StudyLink Connect implementation from November 2016, which significantly improved application processing times to meet industry best practice; a digital marketing strategy and Enquiry Management Service; targeted international student recruitment campaigns; and visa risk screening to attract, and retain, high quality students to the University. These initiatives have led to a 23 per cent increase in international enrolments in 2017, including students from The International College, and to the University exceeding its 2017 international student enrolment targets well before year-end. Two further initiatives, both aimed at increasing undergraduate and postgraduate international student numbers were launched in late 2017 the Universitys China-based, Mandarin-language website and the International Scholarships Program.

Western Sydney University also continues to strengthen existing and develop new partnerships. Our enduring relationship with the University of Economics Ho Chi Minh City (UEH) was further consolidated this year with the opening of the UEH Western Joint Centre for Small and Medium Enterprises (SME) and Family Business Research. Towards the end of 2017, the University signed agreements for two further joint research centres with Nanjing University of Chinese Medicine in Health and Wellbeing and with Ningbo University in Food Security. These centres, building on our existing Joint Centre with Beijing University of Chinese Medicine in Traditional Chinese Medicine, demonstrate the rapid maturing of our international strategy and profile. The University also launched the International Centre for Ocean Governance (ICOG) this year to deliver specialised training programs for the Law and Justice Division within the Ministry of Law, Justice and Parliamentary Affairs, Peoples Republic of Bangladesh.

During 2017, strong initial growth in student enrolments in The International College and the opening of our Sydney City Campus (with the Navitas-owned SIBT College) enhanced the Universitys partnership with Navitas. We anticipate reasonable growth in international student enrolments at both entities in 2018 supporting our revenue diversification and international outreach strategies.



PHILANTHROPIC SUPPORT

As universities become more reliant on external sources of funding, philanthropic support has emerged as a key area of focus for many institutions, including Western Sydney University. In 2017, the University was the recipient of two philanthropic gifts totalling $10.0m from the Blackmore Foundation and Blackmores company to support research and the integration of complementary and Western medicine. In addition, total donor numbers increased by over six per cent and the sum of donations from new donors grew by 47%. The number of donor-funded scholarships increased by approximately 17% and support for donor-funded student prizes was up by 1%. Continuing to communicate the success stories of our scholarship recipients, major gala dinners, staff salary giving campaigns and government partnerships will be key to our ongoing efforts to diversify revenue streams through philanthropic funding.

PLANNING FOR INVESTMENT OF THE UNIVERSITY ENDOWMENT

Similarly, enabling and promoting the development of a substantial and sustainable University Endowment is critical to diversifying revenue streams and providing ongoing discretionary funding for major capital and strategic projects as determined by the Board of Trustees. Given the projected growth in the Endowment over the next five years, the University has appointed Mercer Investments (Australia) Limited to assist with the development of an investment strategy, particularly for the proceeds received from the sale or commercial development of University land and other assets. The Universitys Investment Strategy will be agreed upon by year end and will include Responsible Investment and Spending policies, portfolio construction and implementation options, alongside a timeline for implementation.

The establishment and management of the University Endowment is essential to ensuring the proceeds from Western Growth, in particular, and other significant commercial activities are utilised for the long term interests of the University under the guidance of the Board of Trustees.

REVIEW OF THE UNIVERSITYS STRATEGIC PLAN SECURING SUCCESS: 20172020 AND ACADEMIC STRUCTURE

Led by the Deputy Vice-Chancellor, Strategy and Planning, a review of the Universitys Strategic Plan Securing Success 20172020 and Academic Structure, commenced in May 2017. The Review considers ways to build on our strengths and achievements, as well as explore how to enhance our engagement with our students and communities. A key component of the review included consultation with the University community on whether the current academic structure was meeting organisational needs. Complexities that emerged through the research and consultation process have led to the conclusion that structural change should be a measured, two-stage process with a view to implementation in the second half of 2018. Importantly, revision of the Universitys Strategic Plan will also embed the Western Growth and 21st Century Curriculum Renewal initiatives as significant to the next phase of the Universitys development.

BUDGET 20182020

The policy and funding uncertainty facing the Higher Education sector means a conservative approach has been taken in developing the 20182020 Budget, with a number of external risks considered. Pressures on the Commonwealth Budget combined with uncertainty around regulatory change weighs heavily on the Higher Education sector and influences the Universitys current financial outlook given the higher than sector average reliance on Commonwealth funding. Revenue projections in the budget are based on estimates of student load and are subject to risk, should student load numbers not be met. Given such uncertainty, efforts have been made to restrain cost growth for the 2018 budget year as a pre-emptive mitigating strategy. Years 2019 and 2020 have been treated as business as usual, including continued measures to ensure cost containment while maintaining conservative projections regarding increases to revenue streams.

In terms of the budget parameters, Schools have been funded based on their anticipated student load and corresponding staffing requirements. Figure 1 shows the relative percentage of direct operating revenue provided to each School to support their operating activities. The average percentage of revenue allocated across all nine Schools is 40%. With continued pressure on operating revenues during 2018, the proposed University budget will see investment in the Schools Operating Budgets increase by $8.6m, 3.9% from 2017 levels. This demonstrates the Universitys continued commitment to focus on its core activities by investing in improvement of the learning and teaching outcomes for students and overall research activity.

Figure 2 shows the percentage of revenue allocated to all activities/funding sources across the University. This shows that the investment in the Schools Operating Budgets as a percentage of total University revenue, from all funding sources, is 28% in 2018. In dollar terms, this equates to $228.8m. To support the above, the Divisions have been requested to closely review their budgets in order to identify continued cost efficiencies. Divisional budgets will increase by $9.5m, 5.9% from 2017 levels. This increase includes $1.4m transferred from Strategic Initiatives to Operations for The Academy. It also includes absorbing the full year impact of recent restructures in Marketing, Student Support, Finance & Resources, Learning Transformation and Digital Futures, estimated at over $4.0m. It is anticipated that further efficiencies across support functions of the University will be realised once the implementation of the Shared Services Program has commenced in late 2017.

Professor Barney Glover Vice-Chancellor and University President



7

2017 2017 2018 2019 2020

Budget Forecast Q3 Budget Budget Budget

$m $m $m $m $m

Total Revenue 776.7 765.3 807.3 852.9 898.7

Schools Expenses 271.0 263.2 263.0 266.9 273.4

Divisional Expenses 370.6 371.6 391.4 397.6 410.2

University Wide Expenses 124.9 120.2 142.6 168.0 184.9

Total Expenses 766.5 755.0 797.0 832.5 868.6

Operating Result 10.2 10.3 10.3 20.4 30.2

Estate and Commercial Development 68.5 65.9 24.1 59.4 (1.7)

Capital Grants 0.1 0.7 0.0 0.0 0.0

Entities Net Result 0.4 (0.3) (0.1) 0.2 0.4

Sub-Total 69.0 66.3 24.0 59.7 (1.3)

Consolidated Reported Result 79.2 76.5 34.2 80.0 28.8

Capital

Capital Works Program 42.2 40.2 24.1 22.6 14.8

Land Purchases 3.0 0.0 3.0 0.0 0.0

Estate and Commercial Development 83.9 76.6 56.3 131.1 110.4

Books and Periodicals 8.6 8.6 8.6 8.6 8.6

Plant and Equipment 9.8 11.9 28.6 27.2 16.8

Total Capital Expense 147.4 137.4 120.5 189.6 150.6

Student Load

CGS/HECS* 28,356 27,077 26,829 26,908 27,083

International On-Shore 3,397 3,823 4,547 5,188 5,796

Domestic Fee-Paying 742 682 713 760 787

Other ** 895 933 965 1,000 1,035

Total EFTSL 33,390 32,514 33,054 33,856 34,701

* Includes The College and Sydney City Campus/SIBT

** Comprises RTS, Domestic Non Award and International Off -shore

% O

F R

EVEN

UE

EXC

L. S

YD

NEY

CIT

Y

0

10

20

30

40

50

60

70

80

Nursing & Midwifery

36.4%

Computing, Engineering

& Mathematics 30.8%

Science & Health

35.3%

Medicine 73.3%

Law 41.8%

Business 42.8%

Social Sciences & Psychology

37.5%

Humanities & Comm Arts

48.9%

Education 40.8%

100.0%

98.5%

100.1%

105.0%

96.0%

98.0%

100.0%

102.0%

104.0%

106.0%

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY 2016

102.5%

* Total EFTSL includes RTS, Non Award and International Oshore Load,Sydney City Campus and The College

2020 Budget2019 Budget2018 Budget

0.3%

Schools Operating ActivityUniversity WideThe College Payments

6.4%6.0%

9.8%

16.3%

10.4%

21.1%

28.3%

0.2%

6.2%5.4%

9.4%

18.3%

10.3%

20.4%

27.4%

0.2%6.0%5.0%

8.2%

20.6%

10.2%

19.8%

26.7%

Divisions Operating ActivityOther incl Tied Grants and DepnConsulting and Innovation

Research ActivityStrategic Initiatives

33,024

32,514

33,054

34,701

31,000

31,500

32,000

32,500

33,000

33,500

34,000

34,500

35,000

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY2016

33,856


FIGURE 1: PERCENTAGE OF DIRECT OPERATING REVENUE (EXCL. SYDNEY CITY) PROVIDED TO THE SCHOOLS FIGURE 4: CUMULATIVE PERCENTAGE GROWTH IN EFTSLFIGURE 2: ALLOCATION BY FUNDING SOURCE AS A PERCENTAGE OF TOTAL REVENUE FIGURE 3: TOTAL EFTSL GROWTHTABLE 1: 2018-2020 BUDGET SUMMARY

2017 2017 2018 2019 2020


$m $m $m $m $m

Total Revenue 776.7 765.3 807.3 852.9 898.7




Total Expenses 766.5 755.0 797.0 832.5 868.6



Capital Grants 0.1 0.7 0.0 0.0 0.0


Sub-Total 69.0 66.3 24.0 59.7 (1.3)


Capital


Land Purchases 3.0 0.0 3.0 0.0 0.0





Student Load

CGS/HECS* 28,356 27,077 26,829 26,908 27,083



Other ** 895 933 965 1,000 1,035

Total EFTSL 33,390 32,514 33,054 33,856 34,701



% O

F R

EVEN

UE

EXC

L. S

YD

NEY

CIT

Y

0

10

20

30

40

50

60

70

80

Nursing & Midwifery

36.4%


& Mathematics 30.8%

Science & Health

35.3%

Medicine 73.3%

Law 41.8%

Business 42.8%


37.5%


48.9%

Education 40.8%

100.0%

98.5%

100.1%

105.0%

96.0%

98.0%

100.0%

102.0%

104.0%

106.0%

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY 2016

102.5%



0.3%


6.4%6.0%

9.8%

16.3%

10.4%

21.1%

28.3%

0.2%

6.2%5.4%

9.4%

18.3%

10.3%

20.4%

27.4%

0.2%6.0%5.0%

8.2%

20.6%

10.2%

19.8%

26.7%



33,024

32,514

33,054

34,701

31,000

31,500

32,000

32,500

33,000

33,500

34,000

34,500

35,000

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY2016

33,856





Continued uncertainty around Government policy is the greatest strategic concern for the Higher Education sector as we approach 2018. In light of the current position regarding Government policy reform, the baseline for planning for the University has been undertaken assuming minimal change to currently legislated arrangements. There may be some impact associated with areas such as Research and Higher Education Participation and Partnerships Programs that will require management by the University. Potential changes to cluster funding rates which are being investigated are unlikely to impact the funding arrangements for the triennium under planning at this stage. The University continues to structure its planning framework in accordance with the goals of the Securing Success 20172020 Strategic Plan:

A Distinctively Student-Centred University

A Vibrant Research-Led University with Regional National and Global Impact

A Unique Learning Experience that is Innovative, Flexible and Responsive

An Expanding International Reach and Reputation

A Leading Advocate and Champion for the Greater Western Sydney Region and its People

A Dynamic and Innovative Culture that Secures Success

In 2017, Professor Sharon Bell was appointed Deputy Vice-Chancellor, Strategy and Planning, and tasked with undertaking a consultative review of the Universitys Strategic Plan and Academic Structure. This review, which is currently underway, will provide a revised Strategic Plan to the Board of Trustees in December and will guide the Universitys navigation of external changes, increased competition and new opportunities in the Higher Education sector. Furthermore, the Board of Trustees has endorsed a series of strategic initiatives, including Western Growth and 21st Century Curriculum Renewal Project, to further align the University with our strategic goals. These address key opportunities around curriculum, infrastructure, staff development and research.

Following the successful launch of the Universitys innovative Peter Shergold Building in early 2017, the University will move ahead with the development of state-of-the-art learning, teaching and research facilities in Western Sydneys key CBDs and growth centres as part of the Western Growth project.

The 21st Century Curriculum Renewal Project will provide the University with an opportunity to reset the direction of curriculum development to align with a radically different future of work and address the challenge of making University programs more appealing to prospective students.

The University has continued to leverage the success of the new branding launched in 2015 to increase awareness of the institution both domestically and internationally. Linked to this has been major investment in new systems for both international and domestic students aimed at enhancing the overall student experience. These systems will also improve the attraction of students and, importantly, retention of students on a long term basis.

The major strategic challenge the University has faced in 2017 has been the static domestic student market, which has resulted in an increase in competitive actions by other universities, including planned expansion into Western Sydney. In addressing this challenge, the University has taken the opportunity through the planning process to reset the underlying cost base of its operations and undertake reviews of the operating model, particularly as it relates to the provision of professional services as part of the Shared Services Program. This is a continuation of a program of efficiently managing administrative costs and transferring more funds into learning, teaching and research activities.

By providing state-of-the-art facilities in the strategic growth corridors of Western Sydney, we are increasing our accessibility and competitiveness in the domestic student market. Furthermore, the financial stability afforded by the repurposing of non-core campus locations will enhance the University Endowment and provide further funds for learning, teaching and research.

OTHER STRATEGIC CONSIDERATIONSThe Higher Education sector continues to face increasing competition from universities and Non-University Higher Education Providers (NUHEPs) with pressure on Government budgets driving funding cuts within the discretion of ministers and attempts at funding reform through legislation. These changes will challenge the Universitys traditional business model and will require innovation and adaptability in response. Continued pressure on Commonwealth Government financial assistance and the competitive environment created by demand driven student funding combine to create a challenging financial landscape. In this environment, the Universitys heavy reliance on Government funding and student fees along with costs outstripping revenue growth remain the most significant risks to the Universitys financial sustainability. This current inverse relationship between revenue and costs is not financially sustainable into the future.

The University is continuing to direct strategic funding to areas that not only improve the Universitys reputation and student experience but also deliver either revenue or cost curve improvements including targeted, strategic investment in IT services and systems and the Western Growth project. The Universitys primary investment remains in the core areas of learning and teaching and research.

Employment costs continue to grow and the University must continue to focus on improving efficiency and lifting productivity across its activities.

Careful consideration of the optimum use of campus and estate assets presents potential development opportunities. As a part of these development works, the University may borrow money in order to invest and create new revenue streams and maximise future financial returns on assets and investments.

Strategy



9

RISK MANAGEMENT

REGULATORY RISK

The sectors heavy reliance on Government funding means that we must remain alert to potential policy and funding changes, especially considering the current Senate impasse and uncertainty around proposed reforms. The University has been taking steps in recent years to manage expenses and to diversify revenue streams and is therefore reasonably well placed to meet the challenges of regulatory risk in the Higher Education sector.

SECTOR RISK

The Higher Education sector in Australia continues to transform. Global and domestic competition for student places is intensifying, and the market for international students remains robust in the short to medium term but uncertain in the long term. An inability to improve our response to change in this challenging environment remains an ongoing risk.

Western Sydney University will continue to position itself as a provider of academic programs that meet student and industry needs with an absolute commitment to excellence. Located in Australias third largest and fastest growing economy and with a culturally diverse metropolitan population, we are uniquely placed to help students, staff and the communities access a global perspective. Within this context, the assurance of quality will be an increasingly important element of sector risk to be managed. Continuous quality improvement and innovation in learning and teaching design and delivery will be an important component in managing risk. The Western Growth project, by providing technology-rich facilities in the heart of Western Sydneys growth areas, will further mitigate this risk.

FINANCIAL RISK

The key financial risk for the University is balancing exposure to a volatile student demand model, which impacts upon load and revenue, with the large underlying fixed cost structure of the University. Layered upon this are the requirements for the continuing Capital Program and investment in commercial opportunities to enable diversification of the income base of the University. This complex model requires careful governance and control mechanisms. The ability to manage the liquidity and anticipated debt facilities of the University is the critical risk factor for the medium term.

The University has developed and implemented a Financial Framework to manage the external and internal risks to its financial position. The framework provides a method for financial and strategic planning, models for governance and mechanisms for funding appropriate programs of work. The University continues to implement an ambitious capital and commercial plan, with the launch of Western Growth. The University has secured an enhanced debt facility and will need to continue to improve fiscal and treasury discipline as it continues to increase its borrowings to leverage off commercial opportunities, which will be required to underpin long term financial needs. The appointment of an external investment advisor to assist in investment and endowment decision- making will help mitigate this risk.

In order to provide resources, the University will need to identify alternate sources of funding, improve asset utilisation and change its cost structures. The University remains committed to leveraging its current assets and exploring commercial opportunities to generate returns that will develop an endowment. This will allow a greater proportion of revenues to be directed to learning, teaching and research and to provide an enhanced endowment for the future.

STAFFING RISK

The Shared Services Program, currently being implemented, will be fully operational from 2018, representing significantly improved effectiveness for the University. However, it must be ensured that vital institutional knowledge is not lost with the departure of long-serving staff as part of the program.

INTERNATIONAL STUDENT MARKET RISK

Attracting international students to the University has become increasingly competitive and uncertain in the long term. The University is mitigating this risk by building strong partnerships with overseas governments and institutions. Through the activities of the PVC International and PVC Global Development, the University is targeting increased international enrolments and to diversify the source countries of enrolments, with recruitment continuing primarily in the South East Asian market and focus expanding longer term to the African and Latin American markets. The Universitys exposure to the international market is relatively limited (amounting to approximately 13 per cent of total load compared to a sector average of 27 per cent, for 2017) when compared with many other Australian providers, particularly given the Universitys deliberately conservative approach to student load projections. Recent partnerships with overseas universities will balance agent-based student recruitment and strengthening the relationship with Navitas will further improve the Universitys international profile and attractiveness to students in key markets.

TECHNOLOGY RISK

Technology is ubiquitous in the modern world and is increasingly important in the Higher Education sector. Given the pace of technological change and innovation, it is a challenge to stay ahead of the curve so as not to lose the potential competitive advantage that comes with being a market leader in this field. The University is working to mitigate this risk with significant strategic investment in IT infrastructure and transformation and development of strategic partnerships with technology providers. Aside from ITS innovation, there are also significant risks around data and cybersecurity and business interruptions, relating to loss of data and/or services provided by critical University systems.



SCHOOLSThe Universitys academic areas are organised into nine Schools to facilitate a stronger connection between the operational units responsible for conducting the Universitys core activities and the corporate centre.

Each School has provided a summary statement of key strategic issues for the budget period. A high level view of the financial resources committed to each School is also provided.

RESEARCHThe University operates the Research Investment Framework in order to provide performance-based research funding to Schools.

DIVISIONSThe University provides support to Schools and Research activity, through its Divisional support functions/units. These support functions include DVC and VP portfolios for Academic and Research, Engagement, Development and International and VP portfolios for Finance and Resources and People and Advancement.

CENTRAL There are four budget categories of activity that the University manages centrally. They are: Strategic Initiatives, University Wide Costs, Depreciation and Tied Grants.

CONTROLLED ENTITIESIn 2018 the University will operate four wholly owned entities; Western Sydney University Enterprises Pty Ltd (trading as Western Sydney University The College), The Whitlam Institute within WSU Ltd, Western Unlimited Ltd and Western Sydney University Early Learning Ltd.

Western Sydney University The College provides pathways and transition programs for students coming into the University. The Whitlam Institute within WSU Ltd operates a Trust on behalf of the Whitlam family for the purpose of promoting Gough Whitlams legacy and conducting public debate on important issues. Western Unlimited Ltd is an entity that provides student services. Western Sydney University Early Learning Ltd manages the six child care centres operating across the campus network.

Further detailed financial analysis is provided in Table 23.

20182020 Budget Overview



11

BUDGET SUMMARYThe 2018-2020 Budget has been framed within the strategic context outlined above. The funding required to achieve the objectives of the Securing Success: 2017-2020 Strategic Plan, combined with Information Technology capability improvements necessitates results lower than the Board of Trustees strategic directive of 5% of revenue. The Operating Result for 2018 will be 1.3% of revenue. The table below summarises the Universitys 2018-2020 budget.

Growth in total student load from Q3 2017 Forecast through to 2020 is expected to be 2,187 EFTSL, a growth of 6.7%. Growth of 540 EFTSL or 1.7% is anticipated in 2018 with additional growth of 802 EFTSL or 2.4% anticipated in 2019 while a further 845 EFTSL or 2.5% is anticipated in 2020.

These positive movements in student load reflect the strategy of the University through anticipated retention and attrition rates and the pipeline effect in commencing student load movement in 2016. These student load estimates take into account the demand driven competitive environment in which the University now operates.

The following charts show year-on-year absolute and percentage growth as described above.

2017 2017 2018 2019 2020


$m $m $m $m $m

Total Revenue 776.7 765.3 807.3 852.9 898.7




Total Expenses 766.5 755.0 797.0 832.5 868.6



Capital Grants 0.1 0.7 0.0 0.0 0.0


Sub-Total 69.0 66.3 24.0 59.7 (1.3)


Capital


Land Purchases 3.0 0.0 3.0 0.0 0.0





Student Load

CGS/HECS* 28,356 27,077 26,829 26,908 27,083



Other ** 895 933 965 1,000 1,035

Total EFTSL 33,390 32,514 33,054 33,856 34,701



% O

F R

EVEN

UE

EXC

L. S

YD

NEY

CIT

Y

0

10

20

30

40

50

60

70

80

Nursing & Midwifery

36.4%


& Mathematics 30.8%

Science & Health

35.3%

Medicine 73.3%

Law 41.8%

Business 42.8%


37.5%


48.9%

Education 40.8%

100.0%

98.5%

100.1%

105.0%

96.0%

98.0%

100.0%

102.0%

104.0%

106.0%

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY 2016

102.5%



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32,000

32,500

33,000

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34,000

34,500

35,000

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY2016

33,856





2017 2017 2018 2019 2020


$m $m $m $m $m

Total Revenue 776.7 765.3 807.3 852.9 898.7




Total Expenses 766.5 755.0 797.0 832.5 868.6



Capital Grants 0.1 0.7 0.0 0.0 0.0


Sub-Total 69.0 66.3 24.0 59.7 (1.3)


Capital


Land Purchases 3.0 0.0 3.0 0.0 0.0





Student Load

CGS/HECS* 28,356 27,077 26,829 26,908 27,083



Other ** 895 933 965 1,000 1,035

Total EFTSL 33,390 32,514 33,054 33,856 34,701



% O

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UE

EXC

L. S

YD

NEY

CIT

Y

0

10

20

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50

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Nursing & Midwifery

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100.0%

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Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY 2016

102.5%



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0.2%6.0%5.0%

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33,024

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34,701

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32,000

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33,000

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34,000

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35,000

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY2016

33,856



2017 2017 2018 2019 2020


$m $m $m $m $m

Total Revenue 776.7 765.3 807.3 852.9 898.7




Total Expenses 766.5 755.0 797.0 832.5 868.6



Capital Grants 0.1 0.7 0.0 0.0 0.0


Sub-Total 69.0 66.3 24.0 59.7 (1.3)


Capital


Land Purchases 3.0 0.0 3.0 0.0 0.0





Student Load

CGS/HECS* 28,356 27,077 26,829 26,908 27,083



Other ** 895 933 965 1,000 1,035

Total EFTSL 33,390 32,514 33,054 33,856 34,701



% O

F R

EVEN

UE

EXC

L. S

YD

NEY

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Y

0

10

20

30

40

50

60

70

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Medicine 73.3%

Law 41.8%

Business 42.8%


37.5%


48.9%

Education 40.8%

100.0%

98.5%

100.1%

105.0%

96.0%

98.0%

100.0%

102.0%

104.0%

106.0%

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY 2016

102.5%



0.3%


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9.8%

16.3%

10.4%

21.1%

28.3%

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26.7%



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34,701

31,000

31,500

32,000

32,500

33,000

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34,000

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35,000

Budget 2020

Budget 2019

Budget 2018

Forecast Q3 2017

FY2016

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