Belleville, Ontario, June 28, 2018 – At its meeting on June 20, the Loyalist College Board of Governors approved its budget for 2018-19 based on $76.2 million in estimated revenues, for forwarding to the Ministry of Advanced Education and Skills Development.
“The 2017-18 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 $4.2 million,” said College President Ann Marie Vaughan. “This is the third consecutive year that Loyalist has achieved an in-year surplus. These results have allowed the College to create an accumulated surplus of $3.8 million. This represents significant progress over a four-year period and puts Loyalist on a solid financial footing as we move forward with a new Strategic Mandate Agreement with the Province of Ontario.”
Board Chair Bob Forder noted that the Board recognizes the work that has gone into the development of the budget. “We appreciate the efforts of the entire College,” he said, “and we would like to recognize the contributions of Cathy Rushton, Sr. Vice-President Corporate Services and Chief Financial Officer at Loyalist, and her finance team.”
The Strategic Mandate Agreement (SMA) for 2017-2020 outlines the role the College currently performs in Ontario’s post-secondary education system and how it will build on its current strengths to achieve its vision and help drive system-wide objectives and government priorities in five specific areas, including: student experience; teaching and learning excellence; access and equity; research excellence and impact; and innovation, economic development and community engagement.
As defined in the College’s SMA, program development will proceed in alignment with sector demand. During the year, new programs were introduced in Project Management, Computer Networking and Technical Support, and Radiation Safety and others were developed to begin in September 2018, including Ontario’s first post-graduate diploma in Cannabis Applied Science. Occupational Therapist Assistant and Physiotherapist Assistant, Global Business Management, and Fire Service Career Preparation and Development are also developed for Fall 2018 start.
Renovations through the Strategic Investment Fund (SIF) to support the development of the Health and Wellness concept were completed by March 2018. The renovated space encourages greater collaboration with innovative programming, projects and applied research. It includes the Human Simulation Lab where students and community partners use virtual simulation technology to participate in interactive learning.
The Applied Research Centre for Natural Products and Medical Cannabis (ARC) was launched with a commitment of $950,000 from the Ontario Colleges’ “50th Anniversary” funding. This allowed the College to make capital upgrades to allow applied research for industry as regulated by the Health Canada licence. In addition, the College received $1.3 million from Ontario Centres of Excellence to work with industry in advance of legalization of cannabis.
The College is engaged in the development of a new Strategic Plan, to ensure alignment with the new SMA. The plan includes continued growth in International enrolment. Domestic enrolment is projected to be relatively flat. 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 5.9 percent or $72 per full-time student, as reviewed with and approved by Loyalist Student Government.
About Loyalist College
Loyalist is Ontario’s Destination College, a deliberate choice of students and community for quality programs and student engagement, enabled by a creative, innovative and supportive organizational and learning culture. Located on more than 200 acres in the beautiful Bay of Quinte region, the College is perfectly positioned between Toronto, Ottawa and Montreal. Loyalist prepares students for rewarding careers through more than 70 full-time diploma, advanced diploma, certificate and apprenticeship programs in applied sciences, biosciences, building sciences, business, health sciences, human studies, justice studies, media studies, skills and technology. Through the College’s 100+ university transfer agreements, many Loyalist diploma graduates earn a degree in as little as one additional year. Continuing education options are also available through LoyalistFocus.com, including hundreds of online, distance and in-class courses. The College is a key driver of social and economic health in rural-urban eastern Ontario. It contributes 5.4 percent to the Gross Regional Product, representing $530 million annually to the regional economy – based on a 2014 report by Economic Modeling Specialists International (EMSI). Loyalist collaborates with industry partners in various fields on applied research projects, creating amazing learning experiences for students and faculty. The College’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) is Canada’s only College with a laboratory approved to conduct research with cannabis under the Narcotic Control Regulations. For more information on Loyalist’s Belleville and Bancroft campuses and Port Hope satellite location, visit YoureGoingPlaces.com.
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Contact: Dianne Spencer, Executive Director, College Advancement & External Relations
Loyalist College, dspencer@loyalistcollege.com, 613-969-1913, ext. 2235