(April 28, 2023) - Laurentian University’s Board of Governors has unanimously approved the 2023-2024 fiscal year budget at their meeting today. This budget represents the result of many months of planning after the University successfully emerged from the Companies' Creditors Arrangement Act (CCAA) process.
“Today is an important milestone in the University’s renewal as we plan a sustainable financial future for Laurentian University. The budget will make key investments in critical areas, prioritizing the student experience,” said Jeff Bangs, Chair of the Laurentian University Board of Governors.
A unique budget planning process began in November 2022 and included multiple planning meetings with budget managers and labour partners. Groups across campus came together to share strategic initiatives to support the University’s renewal. Through this, seven priorities were identified and guided decision making within the approved budget:
- Enhancing student experience and satisfaction
- Faculty renewal in areas of strength and market demand
- Maintaining program accreditation
- Improving student enrollment, retention, and career preparedness
- Rebuilding relationships with research funding agencies
- Renewing campus facilities and IT infrastructure and systems upgrade
- Transformation and Strategic Planning
“This budget enables the University to build from a financially sound foundation. Operating from a surplus position ensures we have contingencies in place and minimizes risk. We are looking forward to faculty and staff renewal in order to better the student experience and promote academic excellence,” said Dr. Sheila Embleton, Interim President and Vice-Chancellor of Laurentian University.
“This budget sends a message of strength to all of our students and prospective students. It also helps our employees turn the corner and move further away from the difficult times we have had over the last two years,” said Tom Fenske, President, Laurentian University Staff Union (LUSU).
The approved budget is planned to generate a surplus of just over $8 million, demonstrating renewed financial health of the institution.
Budget 2023-2024 Highlights
- Total revenue: $196.081M
- Total expenses: $179.671M
- Total surplus: $8.210M
- Scholarships and bursaries: $7.5M
- Transformational costs: $7.2M
- Deferred maintenance: $8.4M