The Cyprus University of Technology (TEPAK) will operate in 2027 with a balanced budget approaching €138 million, while planning to implement or advance a series of major infrastructure projects.
Among these projects are student residences, the renovation of laboratories, and the new building for the School of Marine Sciences, Technology and Sustainable Development in Larnaca, the foundation stone of which was recently laid by the President of the Republic, Nikos Christodoulides.
According to an explanatory memorandum accompanying the budget, TEPAK’s budget for 2027 provides for total revenues of €137,832,357 and total expenditure of €137,832,357.
As noted in the memorandum, efforts were made during the preparation of the budget to contain expenditure, in line with the general policy for the wider public sector, while taking into account the funding requirements of infrastructure projects and other essential works necessary for the University’s operation and development.
Where does its funding come from?
According to the memorandum, a significant proportion of TEPAK’s revenue comes from government grants, both for its operational needs and for projects financed through loans from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB).
More specifically, the government grant for 2027 is expected to amount to €62.7 million, while state funding for projects financed through loans from the EIB and the CEB will reach €30.3 million.
In addition, TEPAK expects to generate €9 million from undergraduate tuition fees and €1.6 million from fees, tuition and other charges, while income from the exploitation of its property is estimated at €730,000.
The University is also expected to receive €23 million in funding for externally financed research and other programmes, along with a further €2.5 million from contributions, donations, grants and bequests.
Furthermore, TEPAK’s revenue is expected to include:
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€250,000 in funding for the provision of state scholarships.
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€500,000 in funding for structural programmes and schemes.
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€182,956 in credits for gratuities and lump-sum payments from the public and wider public sectors.
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€2 million from management fees.
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€550,000 in reimbursement for the remuneration of seconded personnel.
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€4.6 million from the use of the revenue reserve arising from the grant provided through the European Commission’s PSLF mechanism.
Expenditure
Expenditure is allocated as follows:
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Current expenditure: €46.7 million
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Operating expenses: €9.8 million
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Administrative expenses: €10.5 million
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Capital expenditure: €42.4 million
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Expenditure on externally funded research programmes: €28.4 million
It is worth noting that, of the current expenditure, €15.7 million is earmarked for the basic salaries of the University’s academic and special teaching staff, while €2.4 million is allocated to cost-of-living allowance (COLA) payments.
The 13 projects
With regard to construction and improvement works, the explanatory memorandum states that an allocation of €30.9 million has been included in the budget, financed mainly through government grants, for development projects being implemented with funding from the European Investment Bank.
This allocation will primarily cover expenditure on the construction of the University’s privately owned student residences, the building housing the Department of Civil Engineering and Geomatics (CENG) and the Eratosthenes Centre of Excellence, the expansion of the Rehabilitation Clinic, as well as other TEPAK campus development projects.
The allocation also includes funding to cover the cost of work expected to be carried out in 2027 on the construction of the building for the School of Marine Sciences, Technology and Sustainable Development in Larnaca.
More specifically, €17.2 million will be allocated to the student residences, €3.4 million to the CENG building and the Eratosthenes Centre of Excellence, and €3.7 million to the building of the School of Marine Sciences, Technology and Sustainable Development.
A detailed breakdown of the amounts allocated to the 13 development projects for 2027, as well as for the years 2028–2029, is presented in the table below.
Equipment purchases and furnishing
In addition, TEPAK’s budget includes an allocation of €1,002,960 for the procurement of movable furniture, office equipment and other non-laboratory equipment required for the smooth operation of the University.
The provision also covers the purchase of furniture and equipment for new buildings, new or upgraded facilities, including the student residences, as well as the replacement or upgrading of existing equipment in line with the University’s operational and development needs.
Of the total allocation:
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€412,930 will be allocated to the Eratosthenes Centre of Excellence.
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€333,200 will go towards the student residences – Phase B.
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€37,464 will cover furniture and specialised equipment for open-plan co-working spaces across various University premises.
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€36,026 will be allocated to equipment purchases.
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€105,000 will be used to furnish the rehabilitation floors.
