Hong Kong’s 8 public universities amass nearly HK$140 billion in reserves
Finance chief Paul Chan earlier called on institutions to make better use of funds and expand their sources of income
The financial reserves of Hong Kong’s eight public universities rose to nearly HK$140 billion (US$18 billion) in the last academic year, an 11 per cent increase from 2022-23, according to funding authorities.
The Post obtained the figures from the University Grants Committee (UGC) on Tuesday, two days after Financial Secretary Paul Chan Mo-po said higher education institutions could make better use of their reserves. Chan is expected to announce public spending cuts in his budget later this month.
Total reserves were about HK$139.3 billion, according to the UGC, which allocates funding to the public universities.
The combined reserves equal six academic years of recurrent funding for the eight universities, given the allocation for those institutions stood at around HK$63.2 billion from 2022 to 2025.
The latest reserves figure marked an 11 per cent jump from the HK$125.9 billion recorded during the 2022-23 academic year.
“According to the universities’ financial reports, HK$17.6 billion was UGC-funded reserves and HK$121.7 billion was non-UGC-funded reserves,” the committee said.
Universities were allowed to use their reserves for long-term development or other designated purposes, and some used the funds for enhancing campus facilities and new projects, according to a Legislative Council document.
