Higher Education

University of Limerick to post €700,000 deficit due to property overspend

University had anticipated €7.5m surplus but substantially overpaid for two sites, with acting president promising accountability

University of Limerick: impairments arising from Dunnes Stores and Rhebogue acquisitions means university will end the year with a deficit of €700,000

Overspending on property acquisitions means the University of Limerick will end its 2023 financial year with a deficit of €700,000 – a substantial swing from the €7.5 million surplus it had anticipated.

Shane Kilcommins, acting president of UL, on Friday told staff there will “have to be accountability” after the university admitted to substantially overpaying for both 20 houses in Rhebogue and the former Dunnes Stores site in the city centre.

In an email, Kilcommins ...