On June 5, the Loyalist College Board of Governors approved the business plan and budget for the 2008-2009 fiscal year. The plan calls for total operating revenues of $52.042 million and operating expenditures of $54.587 million. After adjusting for capital transactions of $0.727 million, this plan represents an in-year operating deficit of $1.817 million, which will require the College to use all available reserves to balance the budget.
In presenting the recommendation to the Board, Finance Corporate Services and Governance Committee Chair Glen LeClair, P.Eng., expressed concern with the current fiscal situation.
“Given the time, information and resources available, the College will be doing everything it possibly can to achieve the access, quality and accountability goals included in the government’s multi-year accountability agreement,” he said. “This Board and this management team have delivered on what we said we would; we have delivered the enrolment growth, quality and accountability results expected. Meeting those goals comes at a cost though, and we are very concerned as we look to the future. The Board strongly supports the College in its efforts to achieve equitable and sustainable funding to provide opportunities for students, employers, and our communities.”
College President Maureen Piercy commented that this year’s business plan includes funding to support the introduction of new programs including a three-year Broadcast Engineering program, a one-year Media Experience certificate, a one-year Welding program, and a one-year post-diploma Sports Journalism program.
“Loyalist experienced significant enrolment growth last year, and offered a number of new programs,” she said. “We experienced the second highest growth in the province, with a seven percent increase in enrolment. Our placement rate is excellent, with 92.3 percent of our graduates employed within six months, and we have improved retention and success rates for students. These are all important results which show that we are providing the quality programs, and access needed to support provincial priorities.“
“We are committed to continuing to support economic and social development in our communities, which is our responsibility under our mandate as a community college,” added Board Chair Bob Cottrell. “Of course we are concerned about the gap between the resources available to support our work and the cost of delivering quality applied education. The current government has made important new investments in post-secondary education, but we continue to face significant challenges.”
Media Contact: Maureen Piercy, President, Loyalist College, (613) 969-1913, ext. 2200 or Allan Ross, Vice-President Corporate Services and Chief Financial Officer, (613) 969-1913, ext. 2354