The following excerpt was part of a January 13 report sent out by the interim chair of the Board of Governors. Note that while the financial news is better than was projected, which is good, the BoG is still repeating the usual neo-liberal “financial discipline” mantra. So we must remain alert that the perceived financial issues are not resolved on our backs, e.g., by cutting our pay through switching everyone to the call centre, by laying some of us off, or by proposing such nefarious things as “furlough days”.
“At Thursday’s (Board of Governor’s) meetings, a number of items of interest were discussed, and I’d like to share some of the highlights with you...
The meeting brought a bit of good financial news for AU. Based on the second quarter (Q2) financial results and projections from budget holders for the remainder of the fiscal year, the year-end deficit is projected to be $1.404 million, compared to the projected deficit budget of $3.254 million. Overall we remain within 2% of the original total projected budget.
There are several reasons for this. Registration growth for both undergraduate and graduate programs exceeded targets in both Q1 and Q2. Government grants, both federal and provincial, have exceeded budgeted amounts, with higher grants for targeted enrolment and infrastructure maintenance costs, among others. Our investments and sales of services have also done better than expected.
However, continued cost pressures coupled with uncertainty over grant levels and a continuation of the tuition freeze means we must continue to exercise financial discipline. “