University of Saskatchewan approves 2013-14 budget
FOR IMMEDIATE RELEASE - May 9, 2013 SASKATOON - The University of Saskatchewan Board of Governors has approved the university's 2013-14 operating budget, which contains a projected deficit of $3.3 million. While this deficit, at less than one per cent of projected expenses for the year, demonstrates progress against financial challenges, the university still needs to ensure that expenses will not outpace revenues going forward.
By University Communications
For 2013-14, operating budget revenue is projected at just under $468 million, reflecting increases from the prior year primarily in provincial funding and tuition revenue, both announced in March. Operating budget revenue represents about half of total university revenue; the remainder is restricted for specific purposes, such as research and capital, and cannot be used for operations.
Projected operating budget expenditures of just over $471 million for 2013-14 reflect increases in salaries and benefits and the estimated partial-year effect of anticipated pension payment legislation.
The $3.3 million projected deficit for 2013-14 incorporates the following actions taken to date to generate budget reductions. Without these actions, the projected deficit this year would be higher.
-$10 million in permanent budget reductions, including workforce planning
-$2 million of additional planned spending in 2013-14 for infrastructure renewal (RenewUS) that the university has chosen to defer
-$3.3 million relating to the usual adjustments that occur during the detailed budgeting process as a result of updated information such as utility costs
"During 2013-14 we will work to address the remaining projected operating budget deficit of $3.3 million," said Acting Vice-President Finance and Resources Greg Fowler, "by continuing to prudently manage spending and by implementing actions during 2013-14 in accordance with ongoing operating budget adjustments."
Said Provost and Vice-President Academic Brett Fairbairn, "The early work under the operating budget adjustments initiative is encouraging and has helped us move forward with about $10 million in permanent budget reductions. We will continue our efforts to prevent the large gap, which in 2012 was projected to reach $44.5 million by 2016, between our expenditures and revenues. We are committed to ensuring our university maintains a position of financial sustainability while responding to a changing post-secondary environment. Ultimately, we will align our resources in support of becoming a better university, more strongly focused on our priorities."
Information about the university's operating budget adjustment scan be found at www.usask.ca/finances. An update on the operating budget adjustments initiative and where we are at with regard to our financial challenge will be provided at our next financial town hall meeting from 12:30-1:30 p.m. on June 13, 2013 in Convocation Hall.
-Provost and Vice-President Academic Brett Fairbairn is available for interviews from 2-3 pm, Thursday, May 9.
-Acting Vice-President Finance and Resources Greg Fowler is available for telephone interviews from 3-4 pm, Thursday,
May 9.
To schedule an interview or for more information, contact:
Kate Blau
Communications Advisor
Financial Services Division
306-966-6092
kate.blau@usask.ca
Projected operating budget expenditures of just over $471 million for 2013-14 reflect increases in salaries and benefits and the estimated partial-year effect of anticipated pension payment legislation.
The $3.3 million projected deficit for 2013-14 incorporates the following actions taken to date to generate budget reductions. Without these actions, the projected deficit this year would be higher.
-$10 million in permanent budget reductions, including workforce planning
-$2 million of additional planned spending in 2013-14 for infrastructure renewal (RenewUS) that the university has chosen to defer
-$3.3 million relating to the usual adjustments that occur during the detailed budgeting process as a result of updated information such as utility costs
"During 2013-14 we will work to address the remaining projected operating budget deficit of $3.3 million," said Acting Vice-President Finance and Resources Greg Fowler, "by continuing to prudently manage spending and by implementing actions during 2013-14 in accordance with ongoing operating budget adjustments."
Said Provost and Vice-President Academic Brett Fairbairn, "The early work under the operating budget adjustments initiative is encouraging and has helped us move forward with about $10 million in permanent budget reductions. We will continue our efforts to prevent the large gap, which in 2012 was projected to reach $44.5 million by 2016, between our expenditures and revenues. We are committed to ensuring our university maintains a position of financial sustainability while responding to a changing post-secondary environment. Ultimately, we will align our resources in support of becoming a better university, more strongly focused on our priorities."
Information about the university's operating budget adjustment scan be found at www.usask.ca/finances. An update on the operating budget adjustments initiative and where we are at with regard to our financial challenge will be provided at our next financial town hall meeting from 12:30-1:30 p.m. on June 13, 2013 in Convocation Hall.
-Provost and Vice-President Academic Brett Fairbairn is available for interviews from 2-3 pm, Thursday, May 9.
-Acting Vice-President Finance and Resources Greg Fowler is available for telephone interviews from 3-4 pm, Thursday,
May 9.
To schedule an interview or for more information, contact:
Kate Blau
Communications Advisor
Financial Services Division
306-966-6092
kate.blau@usask.ca