University Approves MOU with City
FOR IMMEDIATE RELEASE
Building to support DNA teaching and research
From the Regular Board of Governors' Meeting June 16, 2005 – Peterborough
Memorandum of Understanding (MOU) with City of Peterborough
Trent's Board of Governors today provided approval to the president to sign a memorandum of understanding with the City of Peterborough that will see the City provide a $2 million infrastructure grant for the DNA Teaching and Research facility.
Bonnie Patterson, Trent President and Vice-Chancellor, praised the City for its foresight in supporting the DNA teaching and research initiative. "I would like to thank the City of Peterborough for its support of this important initiative. The City's investment recognizes the important role that Trent University is playing in the development of our community," said Patterson. She adds that "The approved Trent-City MOU will result in the realization of the community's goal to connect the Rotary Trail through the Trent campus."
In approving the MOU, the board affirmed its support for several property exchanges between the University and the City including one parcel of land requested by the City for a proposed affordable housing initiative. The board emphasized that the MOU provision related to a potential affordable housing development on Water Street was a future planning priority initiated by the City of Peterborough.
It was strongly emphasized by Trent's board that the responsibility for initiating and maintaining affordable housing projects rests solely with the municipality – not the University.
Board Updated on 2005-06 Operating Budget
The Board was informed that the May 11 provincial budget will result in an additional $282 million increase to the 2005-06 operating grant for the university sector-targeted funding for tuition compensation, unfunded student spaces, expansion of spaces for graduate students, quality assurance and undergraduate funding.
Don O'Leary, Vice President Administration, noted that although the new funding announced by the province is welcome, financial pressures on the University's cost structure remain. "The University welcomes the new investments announced in the provincial budget," said Mr. O'Leary. "It is our expectation that accompanying the new funding will be a series of accountability and performance measurement targets that will continue to place pressures on all operations."
The amount of the allocation of funds to each university is still being finalized by the Ministry of Training, Colleges and Universities. The board was informed the University is awaiting more information on its share of the new $6.2 billion which will be provided over the next five years.
An additional $549,000 in accessibility funding received for the 2004-05 year will be applied to three priority areas in the 2005-06 budget: physical resources, library acquisitions, information technology ($225,000); reinstatement of the 2005-06 equipment replacement reserve ($250,000); and strategic investments in new program development ($74,000).
The board approved the appointment of Libby Burnham, Q.C., DCL and Michael Butt, B.A., Sc., P.Eng. to the Board of Governors.
Ms. Burnham is a senior legal and business adviser currently employed with the legal firm Morrison Brown Sosnovitch. She has served as Chair of the Ontario Government Review Panel on the Greater Toronto Area Task Force Report and as director on numerous corporate boards.
Mr. Butt is a Chairman and CEO of Buttcon Limited and is a former Chairman of both the Ontario and Canadian General Contractors' Associations, and the Greater Toronto Airports Authority.
The board thanked a number of members of the board who are retiring from the Board including Doug Brown, Ryan Kutschke, Ana Lopes, Cecil Rabinovitch and Ted Tremain.
The board was advised that the Building Capacity campaign exceeded its $3.6 million goal reaching a total of $5,682,000. The University now has 64 members in its Legacy Society for planned giving.
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For more information contact:
Don Cumming, Senior Director, Public Affairs, (705) 748-1011, ext. 1224