Nipissing releases 2012-13 budget
Nipissing University’s Board of Governors approved an operating budget of $70,127,997 for the fiscal year 2012-13 during their regular meeting on June 7, 2012.
Nipissing projects revenues for 2012-13 at $68,882,504 and expenditures of $70,127,997, anticipating an overall planned deficit of $1,245,493. The university will work to balance the budget by fiscal year end 2013, once more specific data is available in terms of enrolment and funding.
The 2012-13 budget represents a 3.8 per cent increase in expenditures, totalling $2,590,464, compared to the 2011-12 budget.
The university is recommending a tuition rate increase as per the Ministry of Training, Colleges and Universities guidelines in order to continue to provide the quality academic resources and financial aid for students, and to address the annual increases in operating costs.
The budget includes approximately $3 million for student financial assistance including scholarships, provincial bursaries, institutional financial aid and student work-study placements.
Budget growth is the result of many factors, including new program development, creation of new faculty and staff positions, the escalating costs of energy and utilities, as well as increasing wage and benefit costs.
Nipissing University relies on two primary sources of funding: tuition and grants from the Ministry of Training, Colleges and Universities. Both revenue sources are sensitive to enrolment, and grants are subject to provincial finances.
“This budget represents realistic expectations for enrolment in what is a very competitive market. When fall enrolment is confirmed, the university will be better able to assess whether adjustments to expenditures will be necessary to ensure a balanced budget by fiscal year end,” said Vicky Paine-Mantha, president and vice-chancellor (interim). “It is a reasonable and manageable budget that allows Nipissing to progress with key strategic objectives and growth initiatives, while supporting our key differentiating factor: providing an exceptional post-secondary experience, one student at a time.”
Major capital projects will continue to be funded by a combination of sources including debt, reserves, fundraising, year-end surpluses, and grants.