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LOYALIST COLLEGE BOARD OF GOVERNORS APPROVES BALANCED 2017-18 BUDGET

June 15, 2017

Belleville, Ontario, June 15, 2017 – At its meeting today, the Loyalist College Board of Governors approved a balanced budget for 2017-18 based on $60.985 million in estimated revenues, for forwarding to the Ministry of Advanced Education and Skills Development. 

“Loyalist is pleased to present its 2017-18 Business Plan and Budget,” said College President Ann Marie Vaughan. “The 2016-17 Business Plan and Budget called for a balanced in-year position, and we are pleased that our audited financial statements show an in-year surplus of $2.4 million. These results have allowed the College to reduce its accumulated deficit to $276,000. This represents significant progress over a three-year period and puts Loyalist on a solid financial footing as we move forward with the development of a new Strategic Mandate Agreement with the Province of Ontario.”

“We are also pleased that the budget allows for several new programs, as approved by the Board of Governors, including Community Integration Through Co-operative Education (CICE), Radiation Safety, Project Management, and Computer Networking and Technical Support.”

The College is engaged in the development of a new Strategic Mandate Agreement (SMA) which will shape a new Strategic Plan in the Fall of 2017. Some elements that support the new SMA have been incorporated into the 2017-18 Budget, including new planning resources, increased support for student mental health and wellness, and international recruitment and student support. While the Plan calls for some decreases in domestic enrolment in 2017-18, anticipated increases in international students result in “flat” enrolment, but improved revenue due to the differential between domestic and international tuition rates. 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 three percent or $36 per full-time student, as reviewed with and approved by Loyalist Student Government.

Board Chair June Hagerman noted that the Board recognizes the work that has gone into the development of the budget. “We appreciate the efforts of the entire College team,” she said. “We also appreciate that the province has provided special funding in recognition of the 50th Anniversary of the college system, for capital projects. This funding will enable the College to develop innovative classroom space with technology and upgraded wireless capacity to provide enhanced educational experiences for our students. It will also provide for the purchase of lab equipment which will advance the College’s interest in Applied Research, especially in the Supercritical Carbon Dioxide Extraction Laboratory.”

About Loyalist College
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 65 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 Bay of Quinte Skills Centre, which is LEED® Silver certified, 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 annually – 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.

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Contact: Dianne Spencer, Executive Director, College Advancement & External Relations, 
Loyalist College, dspencer@loyalistc.on.ca, (613) 969-1913, ext. 2235

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