Update on university’s priorities
In April 2021, the Board of Governors approved the 2021-2022 balanced budget of $191,903,000 in support of the university’s priorities. The plan presented to the Board included enhanced financial investments—with a focus on our Learning Re-imagined priority. This was accomplished through increases to teaching, learning and student supports. We remain committed to offering innovative programs and the technology needed to support them—all while continuing to respond to the unprecedented challenges of COVID-19.
It’s important to highlight our continued investment in our faculty and staff, with an increased expenditure of more than $6 million through annual salary increases and new hires. For the 2021-2022 budget, we will also reallocate funds to further invest in teaching, learning and student supports.
Although our current confirmations for new students are promising, the university needs to proceed with caution until registrations are confirmed across all years. We must also consider that the government will maintain its frozen funding levels, and plan accordingly. Additionally, we need to ensure that we put money aside for long-term reserves. At year-end, the university recorded an $8.4 million operating surplus, resulting from $4 million of planned reserves, and a last-minute COVID-19-relief package of $4.8 million from the Province of Ontario. It’s important to note that the relief package must be used for COVID-19-related costs. This surplus does not cover the university’s significant long-term operating costs and the additional costs associated with our response to COVID-19. Our full financial statements show a $15.1 million surplus; however, $6.6 million of this includes unrealized investments, as well as unrealized donations.
Our campus community has risen to the unprecedented challenge of the pandemic with remarkable generosity, patience and innovation. With your support, we have consistently delivered on our fiscal plans. Through our integrated-planning activities (See Integrated Academic-Research Plan), we are on a path that will help solidify our university as a remarkable and recognized place of scholarly endeavour and phenomenal student experiences, supported by our tight-knit community. We have demonstrated new ways of thinking that can be disruptive and efficient, while at the same time enhancing the quality of our educational programs and securing our future by remaining fiscally responsible and sustainable.
For more information, contact budget@ontariotechu.ca.
