Number of staff earning over €100,000 at University College Cork surges to 644

Gordon Deegan

The number of staff earning more than €100,000 at the University College Cork (UCC) group last year increased by 26 per cent to 644 on the back of national pay awards and recruitment.

New annual 2024 s show that despite the university group’s staff costs increasing by 8 per cent to €326 million, the college’s cost reduction plan, Project Alpha, helped turn around its finances.

The new s show that the UCC group recorded a surplus of €6.77 million in the 12 months to the end of September last, and this followed a loss of €8.57 million in the prior year – a positive swing of €15.3 million.

A 26 per cent increase to €12.8 million in income from student residences contributed to the turnaround in the finances.

Overall income last year increased by €50.77 million or 10 per cent from €475.43 million to €526.2 million, while costs increased by €39.27 million or eight per cent from €487.82 million to €527 million.

The increase in costs coincided with numbers employed by the university group increasing by 160 from 3,521 to 3,681.

Arising from the €8.57 million loss recorded in 2023, the college implemented a comprehensive deficit reduction plan, Project Alpha.

In his report, UCC President, Prof John O’Halloran says: “2024 was a challenging but successful year financially for UCC.”

Prof O’Halloran said that there were four pillars to Project Alpha- a programme to reduce non-payroll discretionary operating costs; manage the growth in payroll-related costs; grow academic fee income and other operating income, and increase the contribution from its subsidiaries to the overall group results.

He said: “Throughout the period of the deficit reduction plan, the University prioritised maintaining the quality of the student experience, and teaching and learning.”

Prof O’Halloran said that “following a successful deficit reduction plan, the University is confident of its ability to deliver strong financial results, strengthen our infrastructure and resource base, and ultimately deliver on our strategic plan”

Prof O’Halloran said that the main reasons for the surplus were the impacts of strong State Grants income growth of €12.3 million driven by for Government Pay Awards; strong academic fee income growth of €8 million driven by student volume and mix; strong Other Operating Income growth of €10.2 million; strong interest income growth of €1.6 million focusing on optimising treasury yield and Other Operating Expenses reduction of €2.2 million with the last three contributors all driven by Project Alpha.

Prof O’Halloran’s salary for the year was €236,114, excluding employer PRSI and employer pension contributions, compared to €226,300 in the prior year.

The s show that 10 employees earned over €300,000, with a further 10 in the €250,000 to €300,000 remuneration range and the bulk, if not all, of those would be teaching medical consultants.

The number earning over €100,000 was 644 last year compared to 509 in the year prior.

Pay to key management personnel or the University Management Team (UMT), which includes the President, Deputy President & Registrar, Secretary, Bursar and heads of college last year totalled €2.3 million, which compares to €2 million in the year previous.

The s point out that overall staff costs as a percentage of total income declined from 63% to 61% in 2024.

Earlier this month, University College Cork (UCC) confirmed that it has agreed to sell the Irish Management Institute (IMI) to the Kilcullen Business Post Group (K-BPG).

The new s show that 2024 income from the Irish Management Institute DAC totalled €10.98 million compared to €11.13 million in the prior year.

A note attached to the s refers to the 2024 UCC decision to upgrade its existing dental teaching facilities at Cork University Hospital and not proceed with the construction of a new dental hospital facility at its Curraheen location in Cork.

The note states that consequently, the expenditure incurred to date, €2.1 million, on the proposed new dental hospital facility at Curraheen was impaired at year end 30th September 2024 and has been removed from the University fixed asset at year ended 30 September 2024.

The surplus last year takes of non-cash depreciation costs of €23.99 million. Cash funds at the end of September last totalled €122 milion.