Dundalk IT says it is working to overturn €2.4 million deficit

Dundalk Institute of Technology (DkIT) says it is working with the Higher Education Authority (HEA) to overturn a deficit of €2.4 million that is forecasted for the academic year 2021/22.

In a statement to the Dundalk Democrat, DkIT said that "the Institute’s commercial activities were heavily curtailed by the Covid-19 pandemic resulting in reduced revenue. Travel restrictions also had a detrimental effect on our international student community, placing further pressures on revenue streams."

The statement goes on to say that "the Institute is pleased to report a rebound in both these revenue streams in line with the relaxation of Covid 19 restrictions."

Its adds that DKIT "is working closely with the HEA and a variety of other advisors to return to a surplus generating position. The Institute had accumulated reserves of €5.791 million at 31 August 2021."

In terms of DkIT's progression to Technological University (TU) status, DkIT says that "we are busy working towards our Technological University metrics and have to date have been successful in both applications made under the Technological University Transformation Fund."