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2014-15 Business Plan Presented To Loyalist College Board Of Governors

June 13, 2014

Belleville, Ontario, June 12, 2014 – The Loyalist College Board of Governors approved the 2014-15 Business Plan at its meeting on June 12th, for forwarding to the Ministry of Training, Colleges and Universities (MTCU).

The Plan includes total operating revenues of $56.996 million, and total planned expenditures of $59.358 million. The College experienced lower revenues than planned in 2013-14, and Provincial Grant revenues are forecast to be reduced in 2014-15. In addition, tuition fee increases are capped by Provincial policy at 3 percent. These factors and others constrain the College’s available revenue, necessitating a further draw on Accumulated Reserves to offset the projected operating deficit.

“We are operating in an increasingly complex and competitive environment with constrained resources,” said College President Maureen Piercy. “We appreciate and need the creative and committed work of staff, which allows us to maintain our capacity to continue to develop and offer new opportunities such as our two-year Welding Technician program with the second year beginning this fall. This is being supported by local business and industry, and we continue to develop new initiatives for the future.”

“This Plan reflects the diligence of staff across the College in reviewing every activity and opportunity. We have maintained a focus on quality and access, while constantly working to achieve efficiencies and results.”

Brian Smith, Chair of the Finance, Corporate Services and Governance Committee of the Board, emphasized the alignment of the Business Plan with the priorities identified in the College Strategic Plan. “These are challenging times for smaller institutions like Loyalist College,” he said. “This Plan is the first step in a multi-year plan which calls for the balancing of costs and revenues in 2015-16. The focus will continue to be a strong emphasis on Strategic Enrolment Management and other revenue enhancement initiatives, combined with an ongoing commitment to expenditure reductions and cost containment. “

“The Board sincerely appreciates the hard work of the College administration and team in identifying every opportunity for growth and efficiencies. We also appreciate the MTCU funding to enhance business intelligence models moving forward, and we are confident in the sound processes in place to ensure that we meet our fiscal goals.”

About Loyalist College
Located on 212 acres in the beautiful Bay of Quinte region, Loyalist College is a close-knit community where students and their success come first. Internationally renowned for its enriched student learning and living experiences, Loyalist provides personalized attention in small classes, rewarding field placements and superior success services. To prepare students for in-demand careers, Loyalist offers 65 full-time programs; apprenticeships; and 850 online, distance and in-class courses, as well as opportunities for continuing education through more than 70 university transfer agreements. The College’s wide selection of advanced diplomas, diplomas and certificates aligns with market-driven disciplines including applied sciences, biosciences, building sciences, business and management studies, health sciences, human studies, justice studies, media, arts and design, and skills and technology. In Ontario, the College’s new Digital Media Centre and the LEED® Silver certified Sustainable Skills, Technology and Life Sciences Centre are training centres of choice for students, as well as College business and industry partners. 

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For more information, contact:
Maureen Piercy, President, Loyalist College
mpiercy@loyalistc.on.ca, (613) 969-1913, ext. 2201

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