On June 4, the Loyalist College Board of Governors approved the business plan and budget for the 2009-10 fiscal year. The plan calls for total operating revenues of $53.238 million and operating expenditures of $53.238 million.
In introducing the plan, President Maureen Piercy said, “I’m very pleased that as a result of the hard work, innovation and commitment of staff throughout the College, we are able to present the Board with a projected balanced budget that also reflects implementation of the new Strategic Plan.”
“In addition, funding awarded by the province based on enrolment growth and the College’s successful performance in providing quality access to post-secondary education has been very helpful to this plan. Support for new apprenticeship initiatives and for the Ontario government’s Second Career program to retrain displaced workers has also contributed to the balanced budget.”
Finance, Corporate Services and Governance Committee Chair Glen LeClair, P.Eng., emphasized the importance of continuous improvement and innovation in programs and activities throughout the College in achieving these results.
“This is absolutely great news because we are ending the year in a positive position rather than with the fiscal challenge we thought we would be facing at this time last year,” he said. “We look forward to this continuing.”
President Piercy noted that this year’s business plan also includes funding to support the introduction of new programs, including: Art and Design Foundation, and the three-year Advanced Journalism – Online, Print and Broadcast program.
“We are also very pleased that this year’s capital plan includes the development of the Sustainable Skills, Technology and Life Sciences Centre, a project which has been made possible through the support of both the federal and provincial levels of government,” she said.
The $16.6 million funding through the Knowledge Infrastructure Program was announced on May 25th by Hastings-Prince Edward MP Daryl Kramp and Hastings-Prince Edward MPP Leona Dombrowsky. The federal and provincial governments have each committed $8.3 million to this project.
Board Chair Margaret Werkhoven commented that, “The Board is very pleased that the College has been able to balance its budget for the coming year, while continuing to provide new program opportunities for our communities. We are very appreciative of the additional funding provided by the provincial government to support College operations, including the grant for $300,200 for deferred maintenance, announced by our provincial member on May 29th.”
Media Contact: Dianne Spencer, Executive Director, College Advancement & External Relations, Loyalist College, (613) 969-1913, ext. 2235 or e-mail: dspencer@loyalistc.on.ca