The University of Waikato - Te Whare Wananga o WaikatoThe University of Waikato - Te Whare Wananga o Waikato

2006 Annual Report

   
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Statement of Commitments Aas at 31 December 2006

Capital Commitments

The University has the following estimated capital expenditure contracted: University
This Year
$000
Last Year
$000
Facilities Management Capital Projects   96 2,445
Total Capital Commitments 96 2,445
 

Operating Lease Commitments

The University has leased various properties and items of equipment.  
The total future commitments under operating leases are: Current Portion
$000
1-2 years
$000
2-5 years
$000
5+ years
$000
31 December 2006   3,169 3,130 8,794 78,591
31 December 2005   1,901 1,686 3,302 30,702

These commitments include the lease with Waikato-Tainui for the Campus land.

The initial term of the lease is 50 years with 40 years remaining with future rights of perpetual renewal provided the University continues to use the Campus wholly or primarily for the purpose of tertiary education or research.

The lease cost on the land was recalculated in September 2006. The university is currently in discussion with Waikato-Tainui to finalise the lease costs for the next five year period of the lease term.

Consolidated Commitments

Campus Services Limited has a commitment for the installation of the recreation centre endless pool $320,000 (2005-$320,000).

Campus Services Limited also has operating lease commitments of $4,754 (2005-$3,968).

For the subsidiaries and associates included in the consolidated financial statements there are no other commitments.



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