Belleville, Ontario, June 11, 2015 – At its meeting on June 11 the Loyalist College Board approved a balanced budget for 2015-16 based on $57 million in estimated revenues, for forwarding to the Ministry of Training, Colleges and Universities.
The budget supports key initiatives including optimization of enrolment and retention, a focus on increasing international student enrolment and partnerships, and new program offerings. New programs include Entrepreneurial Studies – Business Launch, International Trade and Logistics Management, and the Workplace Arts and Science Certificate program.
“This Business Plan and Budget has been prepared in response to a number of financial challenges the College has faced in recent years, and particularly in the 2014-15 year,” said Mary Lynn Rutledge, Chair of the Finance, Corporate Services and Governance Committee. “It represents a balanced in-year position, and focuses on the strategic priorities of the College.”
The Plan includes the previously-announced suspension of three programs and closure of Loyalist Certification Services. Other adjustments to staffing have been made through offering a retirement incentive program, reductions in positions, attrition and vacancy management, as well as department and work restructuring and reorganization.
“Regrettably, these changes have affected a number of positions in all employee groups,” said Loyalist President Maureen Piercy. “The College has made, and will continue to make, every effort to minimize the impact and to provide support for affected staff. These individuals are valued colleagues, and these decisions are no reflection on their commitment or contributions.”
“Like all Colleges, Loyalist must continuously update and renew our programs and services in order to respond to an ever-changing environment. While the business planning process has been challenging for everyone, these adjustments are necessary for Loyalist, as for many public and private organizations, to achieve sustainability for the future. We will continue our tradition of offering excellent programs which provide experiential learning within a close-knit environment of student support, contributing to our graduates’ success in the workforce and to our region’s economic prosperity.”
Board Chair Brian Smith emphasized that this budget is a continuation of a multi-year plan which was initiated last year, which called for the balancing of costs and revenues in 2015-16. “The focus continues 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,” he said. “We understand the challenges the College is facing, as one of the smaller Community Colleges in the system, and we know that these adjustments are difficult. However, we commend the College for the strategies taken to arrive at a balanced position for this year, and for the new processes which have been put in place.”
“The College has the Board’s full support in continuing to advocate for any possible enhanced support for Loyalist, and for the implementation of this plan in the year ahead.”
– 30 –
For more information, contact:
Dianne Spencer, Executive Director, College Advancement & External Relations
Loyalist College, dspencer@loyalistc.on.ca, 613-969-1913, ext. 2235