Business plan goals on target

Board gets 'good news' fiscal update

Trent University's business plan to reduce debt and to meet its tough new financial targets is right on track, says President Bonnie Patterson.

"The difficult decisions taken by deans, directors and managers over the past 18 months have taken effect, and the sacrifices many have made will build a stronger university for the longer term," Patterson says. "Our recovery is well underway. This means that Trent's world-class liberal arts and science education can be sustained and enhanced in the future."

In a presentation to Trent's Board of Governors recently, the president and senior administrators reported that fiscal strategies to reduce the university's operational indebtedness are on target for Trent to bring in a balanced budget by the end of fiscal year 2001-02.

"Halfway through a three-year recovery plan, the indicators all point in the right direction for full recovery," Patterson said. "At the same time, the Board has supported our moving ahead with some important investments - such as bolstering our marketing and student recruitment activities and purchasing new scheduling software - that will attract more students and allow our resources to be utilized more effectively."

The university placed stronger emphasis on revamped recruitment materials and hired additional high school liaison officers as part of its enhanced marketing efforts. Increasing enrolment is a key factor in helping the university's fiscal situation. The new computer software will allow the university to plan its use of classroom space for maximum effectiveness.

The indicators to date show that:

• Trent's enrolment this fall will meet or exceed projected targets once final numbers are available. This is significant because tuition accounts for almost 45 per cent of the university's operating dollars. Trent had a 25 per cent increase in the total number of OAC applications for admission in September 2000, the highest increase in the province.
• Trent's $17-million Beyond Our Walls fund-raising campaign, launched in the fall of 1999, has raised $13.6-million or more than 80 per cent of its goal to date, and is on track to meet or exceed its target by April 30. Combined with the $26.23 million capital cash infusion for Trent from the Ontario Government's SuperBuild program, and another $2.81 million to be shared by Trent and Sir Sandford Fleming College under SuperBuild II, this funding puts the university on solid financial footing for implementing its capital development program.
• the university1s strengthening of its investment management approach has provided improved returns on invested funds.
• significant budget reductions over the past two years, including difficult but necessary reduction in some activities and restructuring in a number of areas, have had a positive impact on the university's bottom line and are helping the financial picture, particularly in the college system. Students have been quite understanding and supportive in many ways.

Trent's Board of Governors in November 1999 determined that part of the university's fiscal goals could best be supported by consolidation of the downtown campus at the Symons Campus. The cost of operating the two downtown colleges out of older buildings not designed for academic and research purposes, was about twice the cost of operating and maintaining similar space in other campus buildings. The synergy of having more campus life focused at one location would be an added benefit both financially and for students in terms of the quality of education offered.

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