Charles Sturt University to table its annual report soon, showing 'successes' in changes

Two "high-risk" deficiencies for CSU were raised in the report released last week, regarding staff pay and new accounting standards for grant funding revenue for construction work.

"The report issue regarding financial reporting of major contracts has been resolved," Professor Germov said in a statement.

"As such, the grants for the university's major capital works will be included as surplus in the university's soon-to-be-tabled annual report.

"But while our overall result will be reported as a surplus of $19.5 million, our operating result for the year was a $15.5 million deficit."

The Auditor-General's report noted expert advisors engaged by CSU "provided a draft report, which has identified instances of under and over payment of staff".

Professor Germov said the review into staff payment referenced in the NSW Auditor General report was ongoing.

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"The university independently decided to review this in response to under-payment issues in the university sector," he said.

"The NSW Audit Office was informed we were undertaking this review on our own volition."

Professor Germov said the budget remediation measures started in 2020 as part of the Sustainable Futures program "are, at times, difficult, especially the loss of some of our staff".

"They are also necessary, and have helped Charles Sturt University embed an operating model across our courses and campuses that is viable, market-responsive and drives academic and research excellence," he said.

"The university's operating deficit at the end of 2020 was $15.5 million - a significant $34 million decrease on the $49.5 million deficit forecast in June last year - and the university remains on track to return to a balanced budget by the end of 2021.

"The success of the changes we're implementing will be reflected in our soon-to-be-tabled 2020 Annual Report."

The delay in Charles Sturt's Annual Report being tabled in NSW Parliament was due to discussions with the Audit Office of NSW around the application of accounting standards.

Last year saw the highest number of domestic students in the previous five years, and 2021's to-date domestic enrolment figures exceed 2020's by more than 1100.

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