Guelph's Share of Provincial Budget Still Unknown
U of G still doesn't know how much money it will be receiving from the Ontario government as its share of the provincial budget that was released in the spring, president Alastair Summerlee told Board of Governors Oct. 27.
During the board's first meeting of the academic year, Summerlee said the University has yet to hear any details about its provincial grants, and it's not clear when the allocations will be known.
The board also reviewed a revised projection of additional government revenues for 2005/06 as a result of further information from the Ministry of Training, Colleges and Universities.
The president reiterated that U of G made the right decision to move forward with its reduced budget for 2005/06 and that it was important to proceed with planning rather than wait for the province to release final allocation figures.
A summary of the University's financial results and audited statements, as well as a semester financial report, was presented to B of G. It showed that the University's budget is on target with its planning, but there will be future challenges such as increased benefit costs that will have to be discussed. The report also stated that U of G received some $124 million in research funding last fiscal year, making it one of the most research-intensive universities in Canada. B of G also approved a financial report from the University of Guelph-Humber.
Governors were updated on University activities and progress on fundraising for the institution, with the goal of raising $14 million to the end of the fiscal year. As of Aug. 31, Guelph had reached 35 per cent of that goal. A science complex campaign cabinet has been organized to oversee the capital campaign for the complex.
In other business, B of G approved changes to the faculty policies on evaluations, tenure and promotion.
Governors also heard a presentation from Nancy Sullivan, vice-president (finance and administration), on the state of the University's physical plant and facilities.
