U of G Welcomes New One-Time Funding
May 19, 2009 - Campus Bulletin
The provincial government has released details about how Ontario universities will share the additional $150 million in one-time operating funding that was included in the 2009 budget released in March.
U of G will receive an additional $3.4 million in one-time funds to help offset higher-than-expected enrolment, maintain quality and assist in managing current financial issues. The announcement was made on campus today by Liz Sandals, MPP for Guelph-Wellington.
"This is positive news," says president Alastair Summerlee. "We're appreciative that the provincial government has recognized our ongoing financial challenges and has provided increased support, despite the various economic pressures that it's also facing."
The funding is targeted for priorities related to accessibility and quality and for helping the University manage some immediate cost pressures and other one-time financial commitments, Summerlee says.
But because the support is one-time, it cannot be built into base funding. "This means it will not help alleviate the $16-million structural deficit, our most pressing financial challenge," he says.
The University also continues to face serious challenges with its endowments and pension plans, he says.
"As a result, we will not be altering our strategy to reduce structural costs University-wide between now and 2012. We'll continue with the steps contained in the multi-year plan to address the structural deficit."
