The most recent U of G Board of Governors meeting was held June 21. Below are key highlights from the meeting. A full synopsis of the meeting is available on the University Secretariat’s website.
2019-20 Budget Approved
The Board unanimously approved the University’s 2019-20 budget plan, outlining how resources will be used in the coming fiscal year. The 2019-20 budget projects a $5.3 million deficit that will be covered by central reserves.
As that deficit position is expected to continue beyond 2019-20, U of G leadership will take a collaborative approach to find efficiencies and new opportunities for revenue. More information on the budget process can be found on the Provost’s budget website.
New Safe Disclosure Policy
The Board approved a new Safe Disclosure Policy. The policy gives students, faculty, staff and volunteers a way to report inappropriate behaviour when no other process exists or an independent review is required. The Policy will be administered by the Office of the Chief Internal Auditor. More information about this new policy will be available in the coming weeks.
Favourable Pension Valuations
Pension plan valuations are mandated by provincial law and provide a window into the financial health and future funding needs of the University’s pension plans. The most recent valuations of U of G’s pension plans were positive.
These valuations reflect the state of the University’s current pension plans. Learn more about the proposed University Pension Plan Ontario.
Board Membership Changes
The Board concluded its last meeting of the year by thanking departing members for their service. Leaving the Board of Governors this year are Chair Kevin Golding, Vice-Chair Paul Gallagher and members Lindsey Fletcher, Coral Murrant and Nicholas Manuel.
On July 1, Shauneen Bruder assumed the role of Chair and Nancy Brown Andison stepped into the role of Vice-Chair.
The next regular meeting of the Board of Governors will take place October 23, 2019.