Belleville, Ontario, June 13, 2013 – The Loyalist College Board of Governors approved the 2013-14 Business Plan and Budget for the upcoming year at its meeting on June 13th.
The Plan includes total operating revenues of $60.585 million, and total planned expenditures of $60.585 million, down slightly from the previous year’s level of $60.627 million.
“This Plan reflects the diligence of staff across the College in reviewing every activity and opportunity,” said College President Maureen Piercy. “We have maintained a focus on quality and access, while constantly working to achieve efficiencies and results. New programs beginning in the Fall term include two-year Welding and Fabrication Technician, post-graduate Fundraising and Development, and post-graduate Human Resources Management. We are delighted to be able to introduce these new programs, while continuing to work to develop more for the future.”
Provincial Grant revenues are forecast to be reduced in 2013-14, and tuition fee increases are capped by Provincial policy at 3%. These two factors constrain the College’s available revenue, necessitating a further draw on Accumulated Reserves to balance the budget.
Tamara Kleinschmidt, Chair of the Finance, Corporate Services and Governance Committee of the Board, emphasized the alignment of the Budget with the priorities identified in the College Strategic Plan. “The focus is on maintaining and building capacity, flexibility and responsiveness, while being effective and efficient,” she said. “The Board is pleased to approve this Plan as it supports continued vitality and provides a sound basis for future growth for Loyalist.”
The Board also approved the 2013-14 Capital and Project Plan, which provides for total investments in Instructional Equipment, Infrastructure, and Deferred Maintenance of $2.483 million, funded in part by Provincial Grants and in part by College operating dollars and Reserves Appropriated for Capital Support. The Plan includes a provision for the financing costs of two major capital projects currently underway – the repurposing of existing space into an Integrated Newsroom for our Journalism programs; and the Welcome Centre, to provide one-stop access to services for students, clients, and visitors.
Loyalist College prepares students for a rewarding career by combining rigorous academic standards with hands-on training from industry experts. Programs range from apprenticeships and certificates to diplomas and post-graduate studies. Loyalist offers more than 60 full-time programs and 77 university transfer agreements around the world. The best testament to the College’s value is from students, 97 percent of whom say they would recommend Loyalist to a friend. Loyalist is committed to helping students find great jobs, as well as supporting and enhancing the economic and social development of all individuals in its communities.
For more information, contact:
Maureen Piercy, President, Loyalist College
mpiercy@loyalistc.on.ca, (613) 969-1913, ext. 2201