Balanced budget prudently addresses financial challenges
WINNIPEG, MB – The University of Winnipeg’s Board of Regents last night approved the University’s budget for the 2008-09 fiscal year. The budget is a balanced budget that projects revenues & expenditures of $88.9-million.
Achieving a balanced budget in the face of rising expenses, changing enrolment demographics and a limited revenue base means the University will have to reduce expenditures through vacancy management and in areas such as contracted services and printing.
“We are taking responsible steps to protect the integrity of our academic programs by finding cost-savings operationally,” said Rev. Dr. Terry Hidichuk, Chairperson of the Board of Regents. “We are consolidating and strengthening our downtown campus and reducing external leases, we are restricting travel and printing costs, and we are using selective vacancy management as a prime means of reduction.”
The budget is a prudent one, said UWinnipeg President & Vice-Chancellor Dr. Lloyd Axworthy, given UWinnipeg’s uniqueness among Manitoba universities.
“We are more than a university. We are proud to be part of community renewal and downtown revitalization, and those efforts come with costs not faced by other post-secondary institutions,” Axworthy said.
Among the budget highlights:
Revenues
- The Government of Manitoba is providing an increase in the operating grant to Manitoba universities of approximately seven percent.
- The introduction of a small fee of $10 per full theatre course to support the purchase and replacement of equipment for the CanWest Centre for Theatre & Film.
- Increases in parking and other service fees to cover cost increases.
- Other revenues to include sponsorship and room rentals.
Expenses
- Salaries remain the largest part of the University’s budget – more than 70 percent.
- The University recently agreed to new contracts with three of its unions. The agreement with its Faculty (UWFA) brings their salaries more in line with those of other Manitoba universities, which will result in an additional $1-million in expenses for the 2008-09 year.
- The 2008-09 budget includes an increase in facilities-related costs, with the most significant increases coming from rising fuel costs and increased square footage from building expansion.
FOR MORE INFORMATION
Shawn Coates, Director of Marketing & Communications, University of Winnipeg
P: 204.988.7126, C: 204.230.0202, E: s.coates@uwinnipeg.ca
