Income to the end of March was $140.74 million, $1.02 million more than budgeted, financial services director Grant McKenzie said in a report prepared for tomorrow's university council meeting.
Expenditure over the same period was $128.49 million, $1.37 less than budgeted.
The net result was an operating surplus of $12.24 million to the end of March, $2.38 million more than expected and twice as much as in the corresponding period last year.
However, Mr McKenzie sounded a note of caution, saying the reduced expenditure was partly due to timing and "some correction" was expected over the next few months.
The university has budgeted for a full-year operating surplus of $18.9 million this year - $2.33 million less than the healthy surplus of $21.23 million achieved last year.
Operating surpluses are used to fund expenditure on items such as land, new buildings, building upgrades, equipment, computer resources, furniture and library books.
