The University of Guelph’s 2011/2012 Integrated Plan, including the Ministry of Training, Colleges and Universities (MTCU) operating budget, has been approved by Board of Governors.
The budget and integrated plan were presented as a single document by John Miles, assistant vice-president (finance), and Prof. Maureen Mancuso, provost and vice-president (academic).
The 2011/2012 MTCU budget includes costs savings of $8.3 million made as part of the University’s multi-year plan to eliminate its structural deficit by 2012. The plan’s four-year target was set in 2008 at $46.2 million in structural new revenues and cost savings; to date, 80 per cent of the total plan has been implemented or confirmed.
The budget assumes that the University will be successful in its application for temporary relief from having to make significant pension solvency payments. Under the temporary relief option, payments into University pension plans would increase from $36 million a year to $97 million a year over the next four years. U of G currently pays $24 million into the plans annually.
B of G also approved 2011/2012 tuition fees and non-tuition compulsory student fees as part of the operating budget. Tuition increases are based on the provincial tuition framework, which limits increases in certain programs. Tuition will go up 4.5 per cent for entering undergraduate students, and eight per cent for those in professional programs. Continuing undergraduate students will pay four per cent more, and entering and continuing graduate students, three per cent. Most international tuition rates are not increasing.
Of the total operating budget for 2011/12, the approved budget includes $410.7 million in revenues and recoveries, including provincial operating grants, tuition and revenue from an increase in student enrolment. This is offset by $404.7 million in costs, including salaries and benefits, utilities and capital infrastructure, and funding for critical investments academic programs and administrative support services. The $6 million in net new revenues/savings will be used to repay the one-time costs of implementing the four-year plan.