University of Saskatchewan holds fifth financial town hall
FOR IMMEDIATE RELEASE - June 13, 2013 Saskatoon - The University of Saskatchewan held its fifth financial town hall today to provide updates on the institution's budget challenges. In March 2012, the university projected a deficit of $44.5 million by 2016 if no actions were taken.
By University Communications
The town hall focused on an update one year in to the project.
"Today, with 2012/13 results being finalized and still subject to audit, we are projecting a balanced budget with a small surplus for the year just ended of 0.5 per cent of total operating budget expenses," said Greg Fowler, vice-president finance and resources.
Fiscal year end for the University of Saskatchewan is April 30.
"When looking to 2016 and beyond, the actions we have taken to date have narrowed the gap between expenses and revenues," said Provost and Vice-President Academic Brett Fairbairn. "However, further permanent actions are needed as we continue to project that the growth in projected expenses outpaces the growth in projected revenues."
Actions taken in 2012/13 will make a $15.5 million permanent improvement in the university's operating budget beginning in 2013-14. The largest single component is workforce planning, followed by various changes to institutional practices and assumptions.
"The changes we are undergoing are transformative, and we expect that the university will look significantly different in 2016 than it does today," Fairbairn added. "We are excited about what these changes may mean - strengthening our priorities by putting our resources more squarely behind them, taking our place among the top research-intensive universities in North America and the world."
For more information and updates, please visit www.usask.ca/finances. The next financial town hall will be held on November 20, 2013 from 12 pm -1 pm in Convocation Hall.
-30-
For more information, contact:
Jennifer Robertson
Communications Officer
Institutional Planning and Assessment
306-966-7815
jennifer.robertson@usask.ca
"Today, with 2012/13 results being finalized and still subject to audit, we are projecting a balanced budget with a small surplus for the year just ended of 0.5 per cent of total operating budget expenses," said Greg Fowler, vice-president finance and resources.
Fiscal year end for the University of Saskatchewan is April 30.
"When looking to 2016 and beyond, the actions we have taken to date have narrowed the gap between expenses and revenues," said Provost and Vice-President Academic Brett Fairbairn. "However, further permanent actions are needed as we continue to project that the growth in projected expenses outpaces the growth in projected revenues."
Actions taken in 2012/13 will make a $15.5 million permanent improvement in the university's operating budget beginning in 2013-14. The largest single component is workforce planning, followed by various changes to institutional practices and assumptions.
"The changes we are undergoing are transformative, and we expect that the university will look significantly different in 2016 than it does today," Fairbairn added. "We are excited about what these changes may mean - strengthening our priorities by putting our resources more squarely behind them, taking our place among the top research-intensive universities in North America and the world."
For more information and updates, please visit www.usask.ca/finances. The next financial town hall will be held on November 20, 2013 from 12 pm -1 pm in Convocation Hall.
-30-
For more information, contact:
Jennifer Robertson
Communications Officer
Institutional Planning and Assessment
306-966-7815
jennifer.robertson@usask.ca