Message from the Principal: The season to account for our stewardship
 The management of all organizations are required to adhere to the highest standards of financial accountability in their stewardship of their business operations. The UWI is by no means excluded and we continue to comply fervently with the requisite processes that have been agreed to with our regional governments. Further, in the execution of our financial responsibility, in many ways, The UWI exceeds the expectation, by clear demonstration of astute financial management practices and procedures sometimes in difficult economic circumstances.
The nature of The UWI’s regional configuration makes this job of executing financial efficiency and accountability even more formidable; as our operations span various regional governments – governments that have the responsibility to significantly fund this institution’s annual operations. In this regard, it is demanded of us at The UWI to hold to the most rigorous process for budgeting; resulting in the approval of annual funds for the operations of our regional institution.
In preparing the annual budget, the Campus takes into consideration our developmental needs, particularly human resources services to be maintained, anticipated inflation rates, and the outlook of the economies of regional states.
Important to note, is that there are no provisions for the consideration or inclusion in the budgets for proposals for increases to salaries and wages, or retroactive payments attributable to collective agreements to be negotiated or to be concluded. In this accord, the University holds no discretion to determine salary adjustments, and are committed to hold faithfully to the remit and directive given to us by the CPO; ultimately allowing us no flexibility.
As prescribed under our financial regulations, to incorporate revised salary rates would require a supplementary budget allocation. But critical towards expediting the processing of this allocation, is the timeliness or lack thereof by the various bargaining units to submit their proposals.
For each year this budgeting process is directed to the evaluation and review of the ways in which the funding from the previous year was utilized. Following this, proposals for new projects, activities and undertakings are presented to various committees such as the Technical Advisory Committee (TAC), Campus Grants Committee, University Grants Committee, the Finance and General Purposes Committee of The UWI and the University Council. It is important to point out that the TAC in particular, is chaired by the Permanent Secretaries (campus countries) from various Ministries of Government; this includes the Ministry of Tertiary Education and Skills Training, from Trinidad and Tobago, for example. The Campus Grants Committees (CGCs) are chaired by either Ministers of Education or the Ministers responsible for tertiary education; in addition to other members appointed by the Governments of the campus countries. The CGCs review and approve the recommendations presented by the Chairs of the TACs, who meet annually.
Paramount to their mandate is to examine the University’s budgetary proposals and to recommend to Governments the provision of the necessary funding. This year the University Grants Committee (UGC) meets on March 18 at Mona and we expect our Campus’ budget to be given the green light. Our TAC meetings were held on February 12 and 13 in the Cayman Islands. The University Grants Committee has ministerial representations from 17 regional governments.
Additionally, the Principals of the various campuses are preparing to present to their respective Campus Councils, the accomplishments of the past year; in addition to their proposals for the upcoming year. The audited financial statements of the Campus for the previous year is also laid at this meeting for approval. The Campus Council of The UWI St. Augustine campus meets on March 24, 2015.
The UWI is a complex but accountable regional organization. It would be interesting to be apprised of how many other organizations both locally and regionally follow such demanding measures of financial management and accountability. The Campus has in the past laid its annual reports in Parliament for the purpose of sharing information and hopefully exemplifying “best practice.”
We at the University are mindful of the contracting economies of our Caribbean States, but we remain hopeful of their unwavering commitment to assisting us to provide the highest standard of higher education, benchmarked against the best universities in the world.
EDITORIAL TEAM
Campus Principal: Professor Clement Sankat
Director of Marketing and Communications: Dr. Dawn-Marie De
Four-Gill
Editor: Ms Vaneisa Baksh [vaneisa.baksh@sta.uwi.edu]
Contact us:
The UWI Marketing and Communications Office
Tel: (868) 662-2002 exts. 82013, 83997
Email: uwitoday@sta.uwi.edu
|
