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,
To schedule an interview or for more information, contact:
Financial Services Division