Nipissing University News Release ********************** Nipissing University’s Board of Governors approved an operating budget of $59,788,248 for the fiscal year 2009-10 during their regular meeting on Thursday, May 7, 2009.
Nipissing University’s Board of Governors approved an operating budget of $59,788,248 for the fiscal year 2009-10 during their regular meeting on Thursday, May 7, 2009.
Nipissing projects revenues for 2009-10 at $58,225,502, creating an overall deficit budget of $1,562,746. In order to address escalating operating costs, the university has been forced to recommend the maximum allowable tuition increase.
The 2009-10 budget represents an increase of $1,361,998 or 2.3 per cent over the 2008-09 budget.
“The increase to our expenses and the subsequent deficit were not surprising given the funding issues that exist across the post-secondary system. There are basically two sources of funding for Nipissing University: tuition and grants from the Ministry of Training Colleges and Universities and both are difficult to pinpoint with precision. This budget is based on conservatively optimistic expectations for both,” said Vicky Paine-Mantha, vice-president finance and administration.
“It is a difficult economic climate right now and every university in Ontario is feeling pressure. However, I think we have a workable budget that allows for the university to move forward with its plans and continue its evolution while providing the exceptional student experience for which we are recognized.”
The budget growth is the result of many factors, including some net new hires, the rising costs of utilities and operating expenses, which are expected to rise by an average of four per cent within the year. Net salaries, wages, and benefit costs have also been budget to increase by about 2.7 per cent this year.
Nipissing has budgeted $2.7 million for student financial assistance expenditures on scholarships, provincial bursaries, institutional financial aid and student work placements; an increase of 8.8 per cent.
“Once more concrete enrolment numbers are available, the university will be in a better position to assess any needed expenditure adjustments,” said Mantha. “University management is committed to reducing the deficit within the 2009-10 fiscal year.”
“The issues we are facing at Nipissing University are being faced by other universities, there are no surprises here,” said Lucie Moncion, Vice-Chair of Nipissing’s Board of Governors.
“Difficult decisions were required and I commend the university on being inclusive and transparent throughout the process. This budget represents a realistic framework to move the university forward while sustaining a very high quality of education.”
