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It is based on the plan for balancing the University’s finances drawn up in 2015 and the measures that were agreed at the time.
According to the Finnish Government programme the funding of Aalto University will reduce in 2017 due to cuts in Aalto additional funding and Tekes funding. These cuts will be compensated in the 2017 budget by the following elements of additional funding:
- an increase in funding received from the funding model of the Ministry of Education and Culture due to the new performance agreement for the period 2017–2020, particularly regarding academic results and the funding of the university’s national duties and strategy
- success in receiving profiling funding from the Academy of Finland and
- success in receiving the EU’s Horizon 2020 funding.
In addition, to finance its operations, the university will use endowment returns and the accumulated surplus from previous years.
The most important savings element in the budget are the savings in facilities costs, which consist of the savings in space use and the new cost-based pricing of the facilities, due to be implemented now that the University has full ownership of the Aalto University Properties Ltd.
The planned additional funding and the savings will be allocated to the University’s research and teaching so that the University’s core activities can be safeguarded despite the cuts made in the Government programme. According to the 2017 budget, no new personnel reductions will be required.
The university’s operative budget for next year will be in deficit by about EUR 25 million.
More information: Marianna Bom, Chief Financial Officer, [email protected]