The Review 2003

8 These changes were adopted by the Council in April 2003 and most of them have been implemented. From a management perspective, their full impacts have not yet been felt. But in other ways, the University can benef i t immediatel y. An open and more t ransparent system of management can reassure our investors that we are using their money wisely – tending the seeds they have planted so that they reach full fruition. This applies to the government, which is our main source of funding, as much as private donors. In recent years the University has received a record number of private donations through the HKU Foundat ion for Educat ional Development and Research and, in 2002-03, our new Mustard Seeds Grant Scheme. Our alumni are among our most generous donors, both through the Foundation and through independent efforts, such as the Morrison Hall alumni who successfully campaigned to have the hall rebuilt. I thank all of those who have given so generously to the University. More than ever, in this time of budget restraints, we need your support. The University faces serious challenges in the coming years. Our budget will be cut by close to 10 per cent in 2004-05. Speculation on further cuts is r i fe in the ter t iary sector in Hong Kong, although nothing has yet been confirmed. We believe that despite the rumours, there is cause for confidence in our government’s support of higher education. Several government officials, including our Chancel lor in his capaci ty as the Chief Execut ive of the SAR government , have indeed stated publicly that they view spending on education as an investment. We at the University will make all attempts to ensure that the resources avai lable wi l l be used most effectively. Throughout history, universities have been the storehouse of knowledge and expertise that def ine a culture and civi l isation. The University of Hong Kong has, for more than 90 years, been Hong Kong’s storehouse. With the continued support of the government and the greater university supporters, we are confident we can blossom into a world-class university that provides long-term benefits to the entire community. Professor Lap-Chee Tsui, Vice-Chancellor The Review 2003 INVESTING IN OUR FUTURE An artist’s impression of the new Morrison Hall The original Morrison Hall