"Higher Education: A New Framework"

HC Deb 29 January 1992 vol 202 cc627-8W

Mr. Bill Walker

To ask the Secretary of State for Scotland what has been the outcome of consultation on proposed changes to institutional financial years, made in paragraph 94 of the White Paper "Higher Education: A New Framework", Cm 1541.

Mr. Michael Forsyth

Representative bodies, following consultation, have confirmed their agreement to adopt a financial year of 1 August to 31 July. Subject to the passage of the Further and Higher Education (Scotland) Bill, I can therefore confirm that those institutions which are to receive funding from the Scottish Higher Education Funding Council will operate on a financial year of 1 August to 31 July. This means that the financial year for universities will not change, and that grant-aided colleges of higher education will move from their present financial year which runs from 1 April to 31 March. The 1992–93 financial year for those institutions in receipt of funding from the council will, therefore, end on 31 July 1993; the 1993–94 financial year will operate from 1 August 1993 to 31 July 1994 and subsequent financial years shall be each successive period of 12 months.