The University of Canterbury insists it still needs extra funding from the government, despite posting a surplus of $9.5 million for 2011.
The university has asked the Government for an extra $150 million over the next eight years to meet a funding shortfall created by a drop in student numbers and a 500% increase in insurance premiums.
Canterbury University's vice-chancellor Dr Rod Carr says last year's surplus was partly achieved through the non-replacement or cutting of 170 full-time jobs.
He says they are forecasting a 17.5 half million loss for this year and extra funding from the government is needed now more than ever.
Dr Carr says this will help ensure the university can continue contributing towards the city's rebuild.