TEOs receive indicative funding allocations for 2023

TEOs receive indicative funding allocations for 2023

Last updated 1 June 2022
Last updated 1 June 2022

Tertiary education organisations (TEOs) have been informed of their indicative funding allocations for 2023, said Tertiary Education Commission (TEC) Deputy Chief Executive – Delivery Gillian Dudgeon.

From 1 June, the TEC provided TEOs with their indicative allocations, which are the TEC’s early estimate of each TEO’s ‘On-Plan’ funding that they could receive for 2023 if their Investment Plan is approved.

The TEC calculates each TEO’s indicative allocation using a set of allocation methodologies specific to each fund. These are reviewed and revised every year to ensure alignment to funding determinations and the current tertiary environment.

Gillian said, “We understand that the tertiary sector is currently facing challenges and have provided as much guidance as possible on how to approach the 2023 year in the Investment Toolkit.”

Indicative allocations are not binding on the TEC and not a guarantee of final funding allocation – other factors in determining TEO’s final allocation include (but are not limited to) the quality of plan documents, education performance indicators, learner success and disability action plans, parity performance, and actual and forecast 2022 delivery.

TEOs will be able to query their United Funding System funding allocations, or signal changes in the subjects and/or modes of delivery. The TEC will share this process after 7 June, when its Supplementary Plan Guidance (SPG), outlining TEC’s key investment priorities and areas of focus, will be available on TEC’s website.

The SPG will incorporate the initial advice received from both Workforce Development Councils and Regional Skills Leadership Groups bringing the voice of both industry and regional communities directly into the investment process at TEC.

TEOs have until Friday 8 July 2022 to review indicative allocations and submit their investment plans.

The TEC will inform TEOs of final funding allocations from 1 October 2022, following approval, or part-approval, of any proposed Plans. All submitted parts of Plan will be reviewed against the Assessment Criteria published in the New Zealand Gazette.