by someone on Mon Aug 09, 2004 1:16 pm
[s]General Porkov wrote on 13:57, 9th Aug 2004:
It will most likely go to 'Save St Andrews from Bankruptcy/ Administration/ Going to the Wall', also known as the University trying to pay off its HUGE DEBTS!!! (How many millions of pounds in debt is the University in? £20M? £50M? more???)
I wonder if this is the real reason why the University's been selling off buildings and doing massive fee/ rent hikes - DEBT! DEBT! DEBT!
The problem is that the University's finances need to become more sustainable.
Selling off hard assets--- especially things like in-town accommodation, which is impossible to replace--- to pay debt is not a very good thing to do in terms of raising revenue. Particularly in light of the American universities, which all manage to get a substantial income from their alumni(ae), students and investments, the Uni needs to figure out how best to stay competitive without abandoning accommodation.
Also, given the current state of accommodation affairs, from a purely "student welfare" perspective it is important to remember that the Uni has pledged to use the £20m to build new student accommodation.
So, all in all, I've heard---
1) The Uni said, officially, that proceeds from the sale would go towards the construction of a new hall of residence (probably outside of town), replacing the 120 beds in Hamilton.
2) Derek Watson told me in personal correspondence that the Hamilton bling would go to "reinvestment in better facilities for students to live in and for investment in our teaching and research infrastructure,"
3) And now I'm hearing from you all that the University will use it to pay off debt?
What is the simple answer? A new hall of residence will gobble up most of the £20m. What's left over has been pledged to "teaching and research," but that--- £10m? Maybe less? Could be more easily raised from other sources.
It's foolhardy to sell... both we and the students of the future are going to lose if this goes forward.
[hr]
Disco Inferno.