Canterbury university may need govt help on earthquake remediation
The university's balance sheet showed $750 million in equity and $67 million in working capital at March 31, Carr says.
"We are well insured and will rely on our insurers to make good damage to our infrstructure, lost revenue and increased costs to the extent of our policy," he says.
"We are also in discussion with the government about the resources required to meet the difference between what our insurers will pay towards reduced revenue, increased costs and the costs of remediation and meeting new code requirements in Christchurch."
Carr says accounting standards require the university to treat insurance payouts as revenue while repairs are treated as capital costs and there will be timing differences between when cash is received and repair costs paid which will impact on the university's financial statements for a number of years.
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