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Large deficits

The latest college annual accounts for 2004-05, which have been seen by The TESS, show that six colleges were running with an operating deficit. The Scottish Funding Council has yet to say if its goal of financial security for all colleges by the end of July 2006 has been achieved. The accounts, which colleges submit to Parliament, show that Elmwood, Forth Valley, Inverness, James Watt, Lauder and Moray have operating deficits ranging from pound;25 million at Elmwood to pound;967 million at Inverness.

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