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Expenditure
Expenditure for the year decreased by $52 million from
$1,079 million in 2003/04 to $1,027 million in 2004/05.
About $26 million of the decrease came from a decrease
in staffing expenditure while another $9 million came
from savings in premises related operating costs. On
the other hand, Instruction and Research expenses increased
from 55% of total expenditure in 2003/04 to 65% this
year, due in part to the Institute’s strategy
to maintain resource levels in the core area of Instruction
and Research in order to maintain the highest possible
quality of services provided in teaching and learning
despite the reduced funding situation. Although expenditure
on premises was reduced, the Institute was awarded the
Gold Award for the Best Managed Facility Award 2004
in the category of "Other Facility" by the
Hong Kong Institute of Facility Management. As all of
the major cost saving opportunities had already been
explored, it has become increasingly difficult to achieve
further significant reductions in expenditure.
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Instruction
and Research |
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Library |
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Central
Computing Facilities |
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Other
Academic Services |
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Management
and General |
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Premises
and Related Expenses |
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Student
and General Education Services |
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Superannuation Scheme
As at 30 June 2005, The Hong Kong Institute of Education
Superannuation Scheme ("Superannuation Scheme"),
had total net assets of $262 million and 284 members.
The proposed delinking of the remuneration structure
will affect the future benefits provided by the Institute's
Superannuation Scheme. This has been communicated to
scheme members, and discussions and consultation with
scheme members are continuing. Among the various alternatives
discussed, the Institute is prepared to partially wind
up the sub-scheme A, if that should become the majority
view of scheme members.
As at 30 June 2005, the Institute had a total of 1,128
participants in the Mandatory Provident Fund scheme
with an approximate total net asset value of $54 million.
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Outlook
The Institute will face a severe funding cut of about
one-third for the 2005-08 triennium. However, we have,
through prudent management and advanced planning, accumulated
a reasonable level of reserves to mitigate the daunting
challenges ahead.
Apart from the Salary Delinking proposal, the Institute
is also planning for Academic Re-structuring to streamline
academic decision making, enhance efficiency and effectiveness
in programme planning and quality assurance, and enable
the Institute to respond more promptly to the needs
of the education sector and the wider community.
The reduction in the number of classes in primary schools
and the closure of schools appears to have slowed down,
and the number of surplus school teachers has also been
reducing. Despite the general perception that there
would be a reduction in the demand of teachers, the
employment prospects of our graduates continue to be
very good when compared to graduates of UGC-funded institutions
as a whole. Apart from teaching posts in the school
sector, a growing number of the Institute's graduates
are joining the HKSAR Government in all areas. With
the roll-out of the new "3+3+4" curriculum,
the Institute will introduce more programmes to help
meet the needs of the school sector and the teaching
force.
We are fully prepared to face the coming challenges.
With the guidance of the Council and its Finance Committee,
the leadership of the senior management team, the dedication
and professional contribution from staff, and the co-operation
and efforts of students, I have every confidence that
the Institute will continue to develop into a Centre
of Excellence in education in the region.
Pang Yiu-kai, JP
Treasurer
The Council of The Hong Kong Institute of Education
24 November 2005
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