Guelph Receives $13.3 Million in One-Time Provincial Funding
U of G will use new money to help cover budget deficit, boost graduate programs
Guelph is receiving $11.9 million as part of the province's one-time funding for Ontario universities. This additional funding is part of the $365 million announced in the 2007 budget for colleges and universities.
The new money will go towards covering U of G's $19.7-million structural budgetary deficit for one year, says John Miles, assistant vice- president (finance and services).
“The funds will certainly assist in dealing with the 2007/2008 problem,” he says, “but it's important to remember that this is one-time money and that the $19.7-million structural deficit remains and will still need to be addressed.”
Guelph is also receiving $1.4 million in one-time provincial funding to expand graduate programs.
The University is currently moving forward with a plan to address its pressing budget challenges, which will require a multi-year approach. The immediate plan includes presenting a preliminary deficit-financing proposal to Board of Governors in June. The board has already approved tuition fee increases for next fall, ranging from four per cent for most continuing undergraduates to eight per cent for new graduate students and new international students.
Long-term budget goals include finding ways to eliminate the structural deficit through a combination of actions such as increasing revenues and reducing costs and cost increases.