U of L announcement to faculty and staff today: 2015-16 Budget Process Update The development of the 2015-16 operating budget has been progressing over the past few months and the Budget Advisory Committee has met several times. In September the assumption the University was using to build the institutional budget, as provided by the Provincial Government, was based on a 0% adjustment to the Campus Alberta Grant. Moving forward, and as noted by President Mahon in his Open Mike column, it is likely that the anticipated 0% Campus Alberta Grant adjustment will be optimistic based on the financial environment currently experienced in the Province. With this knowledge, the University is now working on operating grant scenarios of 0%, minus 3% and minus 5%. This translates into required budget reductions in the amount of minus $3.6 million, minus $6.6 million and minus $8.6 million, respectfully. Some conditional grants that had been previously announced, for example graduate student funding, are also no longer guaranteed and are in jeopardy. Because these grants had been anticipated in our previous budget scenarios, additional budget reductions of up to $2 million may also be required. It is important for all to appreciate that the University has received no definitive information from the Province regarding funding. However, the signals we are receiving require us to plan for a variety of scenarios. We are currently working through various budget alternatives, reviewing all sources of funds. In addition, we have requested updates from the budget subcommittees established in 2013 to deal with the significant budget reductions required at that time. In light of this financial uncertainty the University focus will be on directing resources to the strategic priorities of the University as identified in our Strategic Plan and towards balancing our operating budget in the coming years. As in the past, University budget decisions will be guided by the values established by our community: 1. Our people define our University and are our greatest strength; 2. High quality is central to all that we do; and 3. Access to our University is a fundamental belief. Members of University administration continue to be in very close contact with government officials and continue to advocate strongly for the Province to invest in post-secondary education. As the University learns more about our budget situation we will ensure that you are informed. Nancy Walker Vice-President (Finance & Administration)
Posted on: Wed, 17 Dec 2014 05:34:56 +0000