Belleville, Ontario, April 14, 2016 – At its April 14 meeting, the Loyalist College Board approved a balanced budget for 2016-17 based on $56 million in estimated revenues, for forwarding to the Ministry of Training, Colleges and Universities.
“Loyalist is pleased to present its 2016-17 Business Plan and Budget which is balanced,” said Maureen Piercy, Loyalist College President and CEO. “The Business Plan and Budget is the result of the significant efforts and commitment of all budget managers and their teams throughout the College.”
Mary Lynn Rutledge, Chair of the Finance, Corporate Services and Governance Committee, noted that, “The budget supports key initiatives including a continued focus on enrolment and retention. It also supports a focus on increasing international student enrolment and continuing program development, including a new one-year Chemical, Biological, Radiation and Nuclear certificate program to be offered in 2016.”
The 2016-17 Budget also reflects two programming decisions that were made, informed by the College’s Business Intelligence model. A decision to suspend the two-year Advertising and Marketing Communications program will take full effect this year as the final class of students graduates. In addition, the one-year post-graduate Sports Journalism program will be suspended, effective fall 2016. Applicants to this program will be advised and accommodated in other programs wherever possible and current students will graduate in June.
Revenues have been estimated based on 2015-16 projected results, with limited increases forecast. A coordinated College-wide Strategic Enrolment Management Plan, including targeted and specific initiatives to optimize enrolment and retention, continues. Growth in international student enrolment on-campus is another strong focus, including new partnerships with other Ontario colleges and international partners. Regular post-secondary tuition will increase by three percent in keeping with the provincial tuition cap. Ancillary fees for specific purposes will increase on an average of 5.7 percent or $64 per full-time student, as reviewed with, and approved by, Loyalist Student Government.
“The development of the budget benefited greatly from a new planning process,” said President Piercy. “I want to recognize the work of Sr. Vice-Presidents Cathy Rushton and John McMahon as co-chairs of the College Budget Committee, and the innovative, collaborative work of staff throughout the College in balancing this budget while maintaining program and service excellence.”
Board Chair June Hagerman commented, “As we prepare for the 50th Anniversary of the College in 2017, it is very evident that Loyalist, like all colleges, must continuously update and renew our programs and services in order to respond to an ever-changing environment. We will continue our tradition of offering excellent programs which provide experiential learning within a strong environment of student support. All of these elements contribute to our graduates’ success in the workforce, and to the economic prosperity of our communities.”
About Loyalist College
When it comes to grads getting jobs, Loyalist College is the #1 College in Ontario. According to Provincial Key Performance Indicator (KPI) results released April 2015, 89.3 percent of the College’s most recent graduates found employment within six months of graduation compared to the provincial average of 84 percent. Located on more than 200 acres in the beautiful Bay of Quinte region, Loyalist College is a close-knit community where students and their success come first. Loyalist provides personalized attention in small classes, rewarding field placements and superior student services. To prepare students for in-demand careers, Loyalist offers more than 60 full-time programs; apprenticeships; and hundreds of 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. The College is a key driver of the social and economic health and prosperity of the area and contributes 5.4 percent to the Gross Regional Product. This represents an overall effect on the regional economy of $530 million – based on a 2014 Report by Economic Modeling Specialists International (EMSI). For more information on the College’s Belleville and Bancroft campuses, visit loyalistcollege.com.
-30-
Media Contact: Dianne Spencer, Executive Director, College Advancement & External Relations
Loyalist College, dspencer@loyalistc.on.ca, 613-969-1913, ext. 2235