|
 |
 |
 |
|
|
||
Posted: Friday, September 26, 2003 FOR IMMEDIATE RELEASE FROM THE BOARD OF GOVERNORS’ MEETINGS – FRIDAY, SEPTEMBER 26, 2003 INVESTMENTS SUPPORT DOUBLE COHORT PREPAREDNESS Progress continues to be made on reducing accumulated deficit Trent University’s Board of Governors approved the 2002-03 financial statements highlighting a number of investments the University has undertaken to prepare for the double cohort. The statements noted that Trent invested $5.018 million in 2002-03 fiscal year to accommodate a 52% increase in first year classes resulting from the double cohort class of 2003. As the double cohort flows through and graduates in the 2007-08 fiscal year, the University will have invested more than $9 million over the 2002-03 fiscal year to accommodate the one-time enrolment bulge. Other highlights in the report include: A) Prudent Fiscal Management of the University: 1) Contributions to the accumulated deficit which is now under $7 million 2) Accumulated deficit is estimated to decline to $5.4 million by the 2005-06 fiscal year or by 23 percent from the 2001-02 fiscal year B) Investments resulting in: 1) Hiring of a total of 29 tenure track positions, 44 limited term hirings and 25 limited term appointments for support staff 2) I.T. infrastructure and 130 new workstations for students 3) Preparation of Argyle Street College location for accessibility and academic use during the double cohort 4) Renovations to Champlain College and Bata Library 5) Renovations of Mackenzie House, to free-up space in Blackburn Hall 6) Support for Teaching and Learning for audio visual and classroom upgrades
1) As a percentage share of operating revenue, a changing proportion of government grants to tuition has emerged. Grants represent 50.3% of operating revenue and tuition accounts for 46.2%. 2) The University has become increasingly dependent on tuition fees since 1998-99 and government policy requires that 30% of tuition increases be set a side for student aid, which leaves only 70 cents for every dollar of tuition increase available to cover ongoing operating expenses. 3) The fastest growing expenditure line item in the budget continues to be scholarships and bursaries for students. In 2002-03, the University spent $5.9 million on scholarships and bursaries, this is up from 1999-00, when the University spent $2.5 million or represents an increase of 136%. Trent University's Acting Vice President (Administration) Garth Brownscombe is pleased by the improved financial situation of the University, however he emphasized that, "The University is still trying to make up $1.4 million from lost government revenue due to cutbacks to Trent's provincial operating grant in the mid to late 1990s." Brownscombe estimates that the University took on approximately 500 students during that period who were funded solely through tuition revenue. - 30 - For more information
contact: |
||
Return to Trent Home |
||
 |
| |