The University of Guelph welcomed news that the provincial budget released Thursday contained no further reductions to higher education funding.
U of G will proceed with its budgetary planning and present a preliminary operating budget to the Board of Governors in May, says Charlotte Yates, provost and vice-president (academic).
“As part of integrated, University-wide planning efforts, and by engaging the University community, we will develop budget plans and strategies to balance the budget based on our estimations of revenues and expenditures,” she says.
U of G, like all other Ontario universities, faces a 10-per-cent tuition reduction resulting from the government’s new tuition framework. Domestic tuition revenue will be reduced by an estimated $17.7 million at the Guelph campus and by $3.4 million at Guelph-Humber.
Yates says revenues from other sources will likely reduce that deficit significantly. Reserves will likely be used to cover the shortfall for the coming budget year. But plans for increasing revenues and reducing costs must be made to address the long-term shortfall, Yates says.
“We remain dedicated to student success, which includes ongoing support for student financial aid, and to faculty excellence.”
Thursday’s provincial budget outlined the Ontario government’s vision for the third phase of Strategic Mandate Agreements (SMA) between Ontario’s colleges and universities and the Ministry of Training, Colleges and Universities.
These agreements outline roles and differentiators for each institution and how they align with the government’s objectives, including goals and metrics to measure progress. SMA3, which will cover 2020-2025, will connect established performance metrics to funding.
“U of G is well-positioned going into this next phase,” Yates says. “Our academic planning process is systematic and strategic, and stays true to our core values as an institution.”