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 Trent Approves $102.7 Million Balanced Budget for 2012-13FOR IMMEDIATE RELEASE From the Board of Governors Meeting - April 27, 2012 Friday, April 27, 2012, Peterborough 2012-13 Operating Budget At today’s Board of Governor’s meeting, Trent University approved a balanced $102.7 million operating budget for 2012-13. The 2012-13 budget is driven by assumptions contained in the University’s Multi-Year Financial Framework, the priorities contained in the Integrated Plan with its Strategic Directions, and the recently approved Academic Plan. Balancing $2.4 million in reductions in spending, a total of $1.198 million in new investments have been added to vital areas including information technology, new tenure track positions, increased marketing to support higher enrolment targets, continued growth at Oshawa, and deferred maintenance. Over the next three years, the University will use debt financing from its operating and ancillary budgets and ancillary reserves to invest $7.5 million in deferred building repairs and maintenance. This investment is in addition to the $281,000 provided to the University by the province for deferred maintenance. The budget also provides $638,000 for increased employer pension costs. Tuition rate increases for 2012-13 for new and continuing undergraduate students were approved:
These rates are in-line with the province’s recently approved tuition framework and include required tuition set-asides that provide students with scholarship and bursary support. The University remains number one in Canada among primarily undergraduate universities for its investments in scholarships and bursaries, as a percentage of its overall operating budget. The new Ontario Tuition grant support program takes affect on an annual basis in 2012-13 and is providing significant additional financial supports to domestic students. A series of compulsory ancillary fees and room and board fees were also approved. Since 2001, Trent has presented balanced budgets each year for approval to the Board. This has been achieved despite the fact that tuition increases are regulated, operating expenses are increasing and no funding for inflation is provided in base grants. Annual Cumulative Deficit The 2011-12 operating budget projection forecasts that Trent’s accumulated deficit for April 30, 2012 will be reduced to $4.147 million from the original projection of $4.277 million. Any future budget surpluses that may emerge in 2012-13 will be applied against the accumulated deficit, reflecting the University’s long standing commitment to reduce the deficit over time. President’s Report Dr. Steven E. Franklin, President and Vice-Chancellor, provided an update on planning activities to celebrate Trent’s 50th anniversary in 2014. He noted that at the provincial level, the university sector has discussed the government’s move to more on-line delivery of university programs through the Ontario On-Line Institute consortium, the potential introduction of three-year degrees, and the notion of a three-semester format for university programs. At the federal level, the Association of Universities and Colleges of Canada (AUCC) is currently leading a delegation of university representatives to Brazil. President Franklin noted that the visit to Brazil earlier in 2012 by two Trent representatives, Dr. Neil Emery, Vice-President, Research and International, and Dr. Suresh Narine, Director of the Trent Centre for Biomaterials Research, has already resulted in a new MOU being signed and the identification of future areas of collaboration. Enrolment Report As of April 13, 2012 the number of domestic undergraduate offers is up 5.4 per cent compared to last year at this time. This translates into 292 more offers compared to last year’s numbers. Peterborough offers are up 1.7 per cent (70) while Oshawa offers are up 15.5 per cent (53) compared to last year at this time. Nursing offers are up 24 per cent (75) compared to last year. Teacher education offers are up 12.2 per cent (94) over last year. During the remainder of this recruitment cycle, faculty and staff will continue to give special attention to converting applicants into registered students. - 30 - For more information contact: |
