Budget Update
May 01, 2007 - Campus Bulletin
The University of Guelph is receiving $11.9 million as part of the province’s one-time funding for Ontario universities.
This additional funding is part of the $365 million announced in the 2007 budget for colleges and universities.
The new money will go towards covering Guelph’s $19.7-million structural budgetary deficit for one year, said John Miles, assistant vice-president of finance and services.
“The funds will certainly assist in dealing with the 2007/2008 problem,” said Miles. “It is important to remember, however, that this is one-time money and the $19.7-million structural deficit remains and will still need to be addressed.”
The University is also receiving $1.4 million in one-time funding from the province to expand graduate programs.
Guelph is currently moving forward with a plan to address its pressing budget challenges, which will require a multi-year approach. The immediate plan includes presenting a preliminary deficit-financing proposal to the Board of Governors in June. The Board has already approved tuition fee increases for next fall, ranging from four per cent for most continuing undergraduates to eight per cent for new graduate students and new international students.
Long-term budget goals include finding ways to eliminate the structural deficit through a combination of actions that include increasing revenues and reducing cost and cost increases.
Budget updates will be posted on the Budget Development page.
For media questions, contact Communications and Public Affairs: Lori Bona Hunt, 519-824-4120, Ext. 53338, or Deirdre Healey, Ext. 56982.
