Committee of Public Accounts to examine 2022 Financial Statements with University of Limerick

The meeting at 9.30am in Committee Room 3 of Leinster House will be joined by the Comptroller and Auditor General, Mr Seamus McCarthy, and representatives from UL led by the Chancellor, Brigid Laffan, and the Deputy President and Provost, Professor Shane Kilcommins, who has been delegated the functions of the chief officer, including accountability to the PAC.

Officials from the Department of Further and Higher Education, Research, Innovation and Science and representatives of the Higher Education Authority (HEA) will also be in attendance.

During the afternoon session, beginning at 1.30pm, the Committee will consider correspondence and other business of the Committee.

PAC Cathaoirleach Deputy Brian Stanley said: “The University of Limerick is a public research institution which caters for 18,000 students for undergraduate and postgraduate studies across a range of disciplines.

“The Higher Education Authority provides state grant funding to the university. The university submits quarterly reports to the HEA including updates on financial, capital, and strategic matters. UL’s annual accounts are certified by the C&AG and thus fall under the remit of the PAC.

“UL recorded a surplus of €10.8 million in 2022, an increase of €2.9 million on the previous year. Income for the year amounted to €352 million while operating expenditure in 2022 totalled €341 million. In total, the University received more than 50 per cent of funding from state sources, including grants from the HEA, support for student fees, research grants and pension costs.

“Matters the Committee wishes to examine include a governance review by the HEA, property acquisition due diligence and oversight of this by the HEA, student enrolment and retention, shortages in student accommodation, management of subsidiary operations and management of capital assets.

“The Committee is particularly interested in hearing an update on the €8 million purchase of the former Dunnes Stores site in Limerick city centre in 2019, examining the purchase by UL of additional student accommodation at Rehebogue Student Village for €11.4m in 2022, and further detail on the ongoing development of the new student centre which is expected to be completed this year at a cost of nearly €30 million, a 50 per cent increase on the budget approved in 2019.

“The Committee welcomes this engagement with Professor Kilcommins and his colleagues and looks forward to a detailed examination of UL’s 2022 Financial Statements and related matters.”

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money. Further information on the role and remit of the Committee can be found here.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.