CityU Financial Overview — Income, Expenditure, Reserves and Donations at a Glance

City University of Hong Kong (CityUHK / 城大) comprehensive information database · Finance module

In 2022/23, CityU's investment return was nearly zero; combined with an operating deficit, the University recorded an annual loss of roughly HK$360 million. Two years later, the same set of books showed a surplus of HK$586 million. Behind that swing lies a volatile investment market, a sharp rise in self-financed master's tuition fees, and a one-off repayment of reserves demanded by the Government. This article takes Finance Office Financial Reports and Annual Report Treasurer's Reports as its highest-order primary sources, supplemented by UGC papers, government press releases, and major media financial roundups, to chart the multi-year trajectory of CityU's annual income and expenditure, reserves, and net assets. CityU's financial year runs from 1 July to 30 June of the following year (e.g. "2024/25" means 1 July 2024 to 30 June 2025). All amounts are in Hong Kong dollars (HK$) unless otherwise stated, and the basis of consolidation — "The Group" (consolidated entity) versus "The University" (standalone entity) — is noted wherever possible. Readers citing these figures should always defer to the official statements published by CityU's Finance Office. For a detailed breakdown of UGC block grants and RGC competitive funding, see ugc-block-grant-and-research-funding.md; for the history of endowment campaigns and matching grants, see endowment-campaigns-and-matching-grants.md; for a donor-by-donor register of naming benefactors, see benefactors-and-donors.md.

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# 1. Annual income and expenditure overview (multi-year trend)

CityU is a publicly funded statutory university under the University Grants Committee (UGC). Over the last three financial years, CityU has traced a distinct "deficit → recovery → surplus surge" curve: a consolidated loss in 2022/23 dragged down by investment markets, a return to surplus in 2023/24, and a jump in 2024/25 to a surplus of roughly HK$586 million (University basis) — a recent high.

# 1.1 Income, expenditure and surplus/(deficit) (The Group basis)

Basis note: The table above is on "The Group" consolidated basis. On "The University" standalone basis, the surplus for 2024/25 was HK$586,360 thousand (approx. HK$586 million)^※, against HK$174,658 thousand (approx. HK$174 million)^※ in 2023/24 and a deficit of HK$344,635 thousand (approx. HK$345 million)^※ in 2022/23. The media's commonly cited "CityU surplus of HK$586 million" refers to the University basis.

# 1.2 Cross-source verification of the 2024/25 surplus

Two mutually independent evidentiary chains confirm the same figure for CityU's 2024/25 surplus:

• The official Treasurer's Report states unambiguously: the University "recorded a net surplus of HK$586 million^※ for 2024/25, after taking into account the financial impact of the refund from the General and Development Reserve Fund, representing an increase of HK$412 million^※ over the previous financial year".
• A media roundup (January 2026, comparing the accounts of five UGC-funded universities) likewise reported: City University's 2024/25 surplus "was indeed HK$586 million^※, an increase of HK$412 million over the prior year's HK$174 million^※."

The two lines match; this surplus figure is adjudged verified.

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# 2. Income structure: Government subventions vs. self-generated funds

CityU's income is composed of six major blocks: Government Subventions, Tuition and Other Fees, Donations and Benefactions, Interest and Net Investment Return, Auxiliary Services, and Other Income. The official Treasurer's Report summarises this as a "diversified income portfolio". The table below provides an item-by-item comparison for 2024/25 versus 2023/24 (The University basis).

# 2.1 Major income items (The University basis)

The Treasurer's Report attributes the year-on-year growth "mainly to increased tuition fee income from self-financing taught postgraduate programmes, growth in government earmarked grants, and higher interest and net investment income".

# 2.2 Government subventions: Still the bedrock, but the share was dented by the refund

Government subventions have long been CityU's largest and most stable single income source, but 2024/25 saw a special variable — the one-off repayment of reserves.

• In 2024/25, CityU recognised total government subventions of HK$3,789 million^※, of which HK$2,517 million was the block grant^※; before deducting the one-off refund, the block grant accounted for 32%^※ of the University's total income.
• Research purpose grants recorded significant growth, reaching HK$334 million^※; grants from government bureaux/departments rose to HK$429 million^※; total research funding increased by approximately HK$122 million^※. For a detailed breakdown of UGC grants and RGC projects, see ugc-block-grant-and-research-funding.md.
• In addition, income of HK$147 million^※ was recognised from the block grants for capital works and alterations/repairs, earmarked for infrastructure.

# 2.3 Tuition and self-generated funds: Self-financed master's programmes are the new engine

Tuition and other fees constitute CityU's second-largest income block, and in 2024/25 it became the fastest-growing one.

• Tuition and other fees income rose to HK$2,911 million^※ in 2024/25, a year-on-year increase of HK$715 million^※. The Treasurer's Report attributes the growth "directly to the significant increase in student intake for self-financing taught postgraduate programmes and the University's ongoing internationalisation strategy".
• The notes to the financial statements provide a further breakdown: one category of tuition fees rose from HK$1,320,611 thousand to HK$1,980,106 thousand^※ (corresponding to the expansion of self-financed / postgraduate programmes), a marked increase.
• CityU actively participates in the HKSAR Government's "Study in Hong Kong" initiative, attracting non-local students. The Treasurer's Report emphasises that a diversified income portfolio gives the University "greater financial autonomy" and reduces dependence on traditional funding sources.

Reminder: local undergraduate tuition fees for UGC-funded programmes are set uniformly across Hong Kong (rising annually from HK$42,100 to HK$49,500 over the three years starting 2025/26 — see the admissions module for details) and are not set independently by CityU; the explosion in CityU's tuition fee income comes primarily from non-UGC-funded, self-financing taught postgraduate programmes — an entirely separate matter from local undergraduate tuition policy.

# 2.4 Investment return: The surplus "amplifier"

CityU's investment return is the most volatile component of its income and directly dictates whether the surplus soars or collapses.

• Total investment return in 2024/25 was HK$623 million^※ (approximately HK$601 million^※ on The Group basis), up by about HK$201 million^※ from the previous year's HK$422 million^※. Of this total, interest and dividend income combined was HK$230 million^※ and net investment gains were HK$393 million^※.
• The contrast with the bear-market year is stark: in 2022/23, The Group's interest and net investment return was a mere HK$6.7 million^※ (about HK$9.4 million on the University basis); the investments yielded almost nothing, which, combined with an operating deficit of roughly HK$349 million^※, produced that year's overall loss.
• The Treasurer's Report discloses that CityU has revised its investment guidelines and expanded into alternative investments, with the aim of achieving sustainable returns benchmarked against the "endowment funds of top-tier universities".

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# 3. Expenditure structure, reserves and net assets

# 3.1 Expenditure structure: Staff costs dominate

• Total expenditure (University basis) in 2024/25 was HK$6,895 million^※, an increase of HK$498 million (approximately 8%)^※ over the prior year, primarily due to increased expenditure on teaching/research, salary increments, and additional staff appointments.
• Staff emoluments were HK$3,922 million, accounting for 57% of total expenditure^※, up HK$277 million^※ from HK$3,645 million^※ in the prior year — staff costs are the University's single largest and most rigid expense.
• Approximately 70% of total expenditure (HK$4,808 million)^※ was devoted to teaching, research, library, central computing facilities and other academic services; operating expenses were HK$2,190 million, or 32%^※; depreciation and other items accounted for HK$757 million^※.

# 3.2 Reserves and net assets

• At the end of 2024/25, CityU's consolidated Net Assets rose to HK$7,150 million (The Group) / HK$7,168 million (The University)^※, up from HK$6,595 million / HK$6,581 million^※ in the prior year. The Treasurer's Report states that consolidated net assets "increased to HK$7.15 billion^※ in the year under review".
• Net assets comprise three fund categories (University basis): UGC Funds of HK$1,238 million^※ (down from HK$1,496 million^※ in the prior year due to the GDRF refund), Restricted Research Funds of HK$1,026 million^※, and Other Funds of HK$4,904 million^※ (into which a large transfer of approximately HK$751 million^※ was recorded in 2024/25).
• One detail worth noting: owing to the offsetting effect of the refund in 2024/25, the UGC Funds themselves recorded a transfer-out/deficit of roughly HK$258 million^※, with the surplus largely accruing to "Other Funds".
• On the borrowing side, CityU's total loans and borrowings at the end of 2024/25 stood at approximately HK$567 million^※ (current HK$200 million + non-current HK$367 million), up from HK$100 million in the prior year.

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# 4. Horizontal comparison with other universities (2024/25)

Placing CityU within the financial landscape of Hong Kong's major UGC-funded universities (media "HK$100 million" figures, January 2026 roundup, five institutions):

• The combined 2024/25 consolidated surplus of these five institutions totalled roughly HK$9.0 billion^※, with HKU alone accounting for nearly half. CityU's surplus sits in the middle of the pack among the five, but its year-on-year increase (+HK$412 million) was one of the best — a direct reflection of the rebound from the deficit trough.
• Common threads across the sector: investment markets amplified surplus volatility (HKUST and CUHK saw their surpluses fall in the same period, while CityU and HKU saw theirs rise); local undergraduate tuition fees will rise by 5.5% per annum for three years starting from 2025/26; non-local tuition fees have been raised sharply (HKU up 13–14%, CUHK up roughly 20%, HKUST approximately 16%, according to the same media roundup^※).

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# 5. Key takeaways at a glance

1. Surplus/(deficit) trajectory: 2022/23 consolidated loss of approx. HK$360 million (The Group) (zero investment return + operating deficit) → 2023/24 returned to surplus of HK$174 million (University basis) → 2024/25 surplus jumped to HK$586 million (University basis). Two independent evidentiary chains (official Treasurer's Report + media roundup) mutually corroborate the HK$586 million; verified.
2. Income structure (2024/25, University basis): Government Subventions HK$3,790 million (block grant approx. 49% of total income; block grant as a share of total income 32%), Tuition and Other Fees HK$2,911 million (+HK$715 million YoY, led by self-financed master's programmes), Investment Return HK$623 million (most volatile).
3. Special variable: One-off reserve repayment of HK$382 million (GDRF Refund) in 2024/25, offset against Government Subventions; CityU's peer CUHK refunded roughly HK$1.04 billion in the same period.
4. Expenditure: Total expenditure (University basis) HK$6,895 million (+8%), with staff emoluments at HK$3,922 million, 57% of the total — the largest rigid expense.
5. Reserves / Net Assets: Net assets at end-2024/25 were roughly HK$7,150 million, composed of UGC Funds, Restricted Research Funds and Other Funds.
6. Donations and fundraising: For a detailed breakdown of donation structures, endowment campaigns, and matching grant history, see endowment-campaigns-and-matching-grants.md; for a donor-by-donor register, see benefactors-and-donors.md.

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# Sources

Official primary sources

• "City University of Hong Kong Financial Report 2024/25", CityU Finance Office: https://www.cityu.edu.hk/fo/Docs/CityU_Financial_Report_2024-25.pdf — Official financial statements (Consolidated Statement of Comprehensive Income / Statement of Financial Position / Notes), highest reliability; 2024/25 income/expenditure items, net assets, donation notes, HKJC HK$99.16 million.
• "Annual Report 2024/25 — Treasurer's Report", CityU: https://www.cityu.edu.hk/annual-report/2024-25/assets/pdf/2025_EC04_Treasurer.pdf — Official annual report Treasurer's chapter; net surplus HK$586 million, +HK$412 million, income HK$7,863 million, GDRF refund HK$382 million, staff costs 57%, HDF HK$764 million, HK Tech 300 HK$400 million; Treasurer is Charles Chin Ying-on (錢應安).
• "City University of Hong Kong Financial Report 2023/24", CityU Finance Office: https://www.cityu.edu.hk/fo/docs/cityu_financial_report_2023-24.pdf — Official statements, providing 2022/23 and 2023/24 figures: 2022/23 deficit of HK$363 million, investment return only HK$6.7 million, net assets HK$6,451 million.
• "Finance Office — Annual Report Index", CityU Finance Office: https://www.cityu.edu.hk/fo/htm/ar.htm — Official financial reports directory page.

Third-party / Media

• "五所港校狂賺90億!港大獨佔近50億" (Five Hong Kong universities earn HK$9 billion! HKU takes nearly HK$5 billion), Tencent News (2026-01-06): https://news.qq.com/rain/a/20260106A06S5T00 — Media roundup; 2024/25 surpluses of five institutions: HKU 46.47, CUHK 26.37, HKBU 7.56, CityU 5.86 (from 1.74 in prior year), HKUST 4.66; CUHK refund of HK$1.041 billion; non-local tuition fee increases.
• "香港6所大學財務盈餘85.4億港元" (Six Hong Kong universities record financial surplus of HK$8.54 billion), Chinanews.com (2024-12-26): https://www.chinanews.com.cn/dwq/2024/12-26/10342646.shtml — Media roundup; 2023/24 surpluses of six institutions (for background comparison).

Last updated: 15 June 2026. CityU's financial year runs from 1 July to 30 June of the following year; upon publication of the official statements for 2025/26, please update the relevant tables in Sections 1, 2 and 3.

# Cross-references

• UGC Block Grant and Research Funding (breakdown of the block grant's three components, RGC competitive schemes, student number planning)
• Endowment Campaigns and Matching Grants (United We Soar, Matching Grant Scheme history, CityU Endowment Campaign)
• CityU Benefactors and Donors Register (donor-by-donor register of named buildings, colleges, professorships and halls)
• Campus and Buildings (spatial context for Jockey Club One Health Tower, etc.)