Nipissing approves $73.6 million 2013-14 budget
Nipissing University’s Board of Governors approved an operating budget of $73,584,793 for the 2013-14 fiscal year at their regular meeting on June 6, an increase of three per cent compared to the 2012-13 budget.
The university is projecting revenues of $68,738,842 and expenses of $73,584,793, resulting in a projected deficit of $4,845,951. To help offset the deficit, the university is accessing $3 million from its reserve fund, bringing the deficit down to $1,845,951. Nipissing will continue to exercise fiscal responsibility to further minimize the actual deficit, while investing in programs and initiatives that contribute to future prosperity.
The Board also approved capital investments totaling $1,440,000.
“This budget represents an investment in the future of Nipissing University,” commented Colin Dennis, Chair of the Nipissing University Board of Governors. “The Board has full confidence that President DeGagné and his team are moving the university forward by enhancing current strengths and capitalizing on opportunities for growth in a fiscally responsible manner.”
The university is recommending a three per cent tuition rate increase as per the Ministry of Training, Colleges and Universities guidelines to continue providing the quality academic resources and financial aid for students. The budget includes approximately $3.8 million for student financial assistance including scholarships, provincial bursaries, institutional financial aid and student work-study placements, an increase of 10 per cent over last year.
“One of our guiding principles was that program quality and the student experience should not be sacrificed to meet short term budget shortfalls,” said Richard Onley, Vice-President Finance and Administration. “This budget focuses on investing in the long-term prosperity of the university and the items included all help to advance the institution’s goals.”
“Nipissing is a university that excels at providing an exceptional experience for students, as evidenced in surveys like the Globe and Mail University Report and the National Survey of Student Engagement. This budget further reinforces our commitment to our students. It includes additional investments to enhance our students’ experience, in areas including academics, student services and development, financial aid, partnerships in aboriginal education and athletics,” said Dr. Mike DeGagné, President and Vice-Chancellor of Nipissing University.
Nipissing University relies on two primary sources of funding: tuition and grants from the Ministry of Training, Colleges and Universities. Both revenue sources are sensitive to enrolment, and grants are subject to provincial finances. The budget growth is the result of many factors, including increased investment in student development and services, new program development, creation of new faculty and staff positions, the escalating costs of energy and utilities, as well as increasing wage and benefit costs.