The Laurentian University Board of Governors today approved a balanced $161M budget for 2019-20. This represents a growth of 0.2% over last year’s budget and eliminates the $4.4M deficit while investing in priorities outlined in our 2018-23 strategic plan.
Balancing the budget this year has not been easy given a series of factors beyond the University’s control including a loss of approximately $3 million per year due to political tensions which impacted our students from Saudi Arabia. Compounding that situation is the mandated 10% cut to domestic tuition. The budget has built in an assumption of $5.5 million of support from the Province’s Northern Sustainability Fund to provide time for the University to complete the implementation of its sustainability plan.
“Achieving a balanced budget is the result of work from across the university identifying and implementing measures that found more than 10 million dollars in savings,” said Vice-President Administration, Lorella Hayes “That said, we have more work to do. We are all actively working on creating efficiencies, finding better ways to operate and improve outcomes for students.”
Highlights of the budget include:
- Increase in spending to support academics including hiring faculty in accredited programs as identified in our strategic plan
- Increasing academic supports
- Maintaining student service levels
- Increase investment in graduate teaching assistants (GTA) and related scholarships
- Increasing investments in International Student recruitment and supports
This budget allows us to continue without disrupting critical services but it has also included decisions not to rehire in certain administrative and academic areas. Laurentians commitment to providing world-class education and opportunities for students is unwavering as it continues to trace its path to sustainability.
“This budget was developed after an unprecedented consultation process involving all corners of the university.” said interim President and Vice-Chancellor Dr. Pierre Zundel. “We have dramatically increased transparency and as a result, this budget maintains a focus on continued success for our students and our communities.”
Laurentian is determined to hold the line on costs and to seek revenue and savings opportunities which will sustain growth and increase its relevance in the North and well beyond.
With well-focused strategic plans and alignments, strong performance in research, teaching and community engagement, clarity on the path forward, and a shared vision for the future, we are continue to build on our investments and grow stronger together, ensemble, maamwi.
About Laurentian University
Located on the Robinson-Huron Treaty of 1850 territory, Laurentian University recognizes that we are on the traditional lands of the Atikameksheng Anishnawbek and Wahnapitae First Nation. Laurentian is committed to strengthening the foundation of knowledge in higher education and research to offer an outstanding university experience in English and French with a comprehensive approach to Indigenous education. Together with its federated partners, Laurentian University prepares leaders who bring innovative and intelligent solutions to local and global issues.