Bathurst MP Paul Toole has welcomed the independent review by KMPG on Charles Sturt University's financial position.
CSU announced its financial position on Tuesday, indicating a $16.2 million forecast structural deficit, a $80 million negative revenue impact by the coronavirus pandemic and a forecast deficit of more than $49.5 million in the 2020 financial year.
The implementation of the Sustainable Futures program will reduce the deficit to approximately $22 million in the 2020 financial year, with full implementation of the program to lead CSU to a balanced budget by the end of the 2021 financial year.
Mr Toole said he was satisfied CSU was getting back on track to financial stability after he questioned its operations earlier this year.
This included an ultimatum that the Bathurst campus would not be downgraded and assurances that marquee courses such as nursing, paramedics, engineering, teaching and journalism would be retained.
Mr Toole also asked that the vice-chancellor's position would continue to be based in Bathurst.
"The report by KPMG maps out the path under the university's 'Sustainable Futures' program to return to a balanced budget by the end of the 2021 financial year," Mr Toole said.
"This is another important step forward for Charles Sturt. Assurances have been given that these high-profile courses will remain in Bathurst, as will the vice-chancellor's position."
Mr Toole said alarm bells started ringing when predictions that the coronavirus could lead to a decline in revenue of $80 million for CSU.
"The KPMG review has now confirmed a lower forecast deficit in the current financial year and an expected balanced budget by the end of the 2021 financial year," he said.
"It confirms Charles Sturt will be here for the long term, but I'll certainly be keeping them to account regarding assurances given to the marquee courses being retained in Bathurst, along with the vice-chancellor's position and bouncing back to a sustainable financial position."