The Fiji Institute of Technology has announced that it will have a massive deficit of $4.3 million at the end of this year.
Chairman, Ikbal Jannif said the actual deficit came as a result of accurate reporting of revenue and expenditure. Furthermore, FIT is expecting a deficit of $14.0 million in the opening amount for 2008.
He added that one of the reasons of the current deficit was also because of poor handling of accounts by Office Bearers who are currently under investigation and have been sent on leave.
Jannif said with the current financial position of FIT, they are left with no other option but to ask Government for a supplementary grant.
Jannif highlighted staff costs account for nearly 55% of the total expenditure of $25.4m and against this they have tuition fees and other general revenue of $11.4m.
Meanwhile, Jannif has assured students that their studies will not be affected as result of their current financial position, but added that there will be a review of courses it offers and there could be changes in it.
FIT to announce massive deficit
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