Budget Planning to Focus on Strengths
May 07, 2008 - Campus Bulletin
U of G, like most Ontario universities, is facing fiscal challenges, says president Alastair Summerlee. The University will be focusing on its key strengths while working as a community to determine ways to reduce costs and raise net revenues.
“We are faced with a significant problem, but we are not alone,” Summerlee says. “Other universities are also facing shortfalls and similar challenges.”
Currently, U of G has a structural deficit of $14.3 million, but it is compounded by inflationary cost increases that are estimated to be between $9 million and $12 million annually.
Targets for budget changes have been set for the next year and the following three years to help the University in its strategic planning and to achieve fiscal stability. Budget adjustments for 2008/09 were deliberately kept lower than they will be in the coming years to allow colleges and units time for planning and to accommodate the changes.
Summerlee says it can be difficult to understand the budget deficit in the context of new government funding announcements. But those investments are restricted to specific projects or partnerships and do not offer any operating budget relief, he says. "We are absolutely committed to maintaining a quality educational experience for students and Guelph's competitive edge," he says.
"Time and again, our community has demonstrated the ability to respond in innovative ways to do business while moving the mission of the University forward."
