The Divison of Marketing and Communications provides access to the most up-to-date information released by Memorial University of Newfoundland. Archives of previous news releases are also available.
To access news releases from Grenfell Campus please click here.
REF NO.: 286
SUBJECT: Memorial University board approves balanced budget
DATE: June 15,2004
When the provincial budget was announced in March, Memorial’s operating grant was increased more than $6.4 million over the previous year’s amount, but that increase was still $2 million short of meeting the university’s needs. Despite this shortfall, the university’s governing board, the Board of Regents, was able to balance the budget for the current fiscal year.
According to President Axel Meisen, there is still a lot of work to be done but the board’s balancing act is a positive sign.
“At the board’s recent meeting at the end of May we looked at the budget in global terms by envelope,” he said. “For example, there is an academic envelope, an envelope for administration and finance, and for research. Each envelope has its allocation and we determined that it is possible to live within these allocations, thereby accomplishing a balanced budget.”
Dr. Meisen said this means there will be some curtailment of activities within the envelopes, but the envelopes at this level can balance. “Each of our budgets is increasing but not quite enough to meet our increasing demands,” he said.
He said this was a difficult budget for everyone who depends on government support, however, government recognized that the university is an important expenditure. Therefore the province reinstated a teaching equipment fund and reduced the deferred maintenance fund but still provided $3 million for building repairs and upgrades.
Dr. Meisen expects that the budget realities will affect some course offerings but noted that the quality of the programs will not be affected. “There will likely be some impact on the diversity of programs we offer but I believe that is an acceptable impact given the alternatives,” he said. A student that may have had a choice of five electives may have that choice reduced to four but we will ensure that the basic integrity of the programs is not impaired.”
Dr. Meisen also stressed that two primary assumptions about the current fiscal year guide the budgetary process: there will be an increase in the number of student enrolments and that the fees for Canadian students will remain frozen. Working within those conditions, the various departments and units on campus had until June 14 to find further efficiencies in their operations and to submit revised budget proposals.The Board of Regents will see the detailed budget at its July meeting.
- 30 -
For further information, please contact IvanMuzychka, manager, Memorial University News Service, 737-8665, cell 687-9433, email@example.com.