Nipissing University releases 2011-12 budget

Nipissing University’s Board of Governors approved an operating budget of $67,537,533 for the fiscal year 2011-12 during their regular meeting on Thursday, June 2, 2011.

Nipissing projects revenues for 2011-12 at $66,867,533 and expenditures of $67,537,533, anticipating an overall planned deficit of $670,000.  The university’s plan is to balance the budget by fiscal year end, once more specific data is available in terms of enrolment and funding.

The 2011-12 budget represents an increase in expenditures of $3,481,334 or 5.4 per cent over the 2010-11 budget.

The university is recommending a tuition rate increase as per the Ministry of Training, Colleges and Universities guidelines in order to continue to provide the quality academic resources and financial aid for students, and to address the annual increases in operating costs.

The budget includes $2.31 million for student financial assistance including scholarships, provincial bursaries, institutional financial aid and student work-study placements.

Budget growth is the result of many factors, including new program development, creation of new faculty and staff positions, the escalating costs of energy and utilities, as well as wage and benefit costs.

Nipissing University relies on two primary sources of funding: tuition and grants from the Ministry of Training, Colleges and Universities.  Both sources are sensitive to enrolment, which is difficult to predict with precision.

“We have been conservatively optimistic in our expectations for maintaining enrolment levels given the stiff competition for students throughout Ontario and we have counted on full funding per student from the government when constructing this budget,” said Vicky Paine-Mantha, vice-president finance.  “When more concrete numbers are available for enrolment this fall, the university will be better able to assess any adjustments that might be necessary to expenditures to ensure fiscal neutrality by year end.

“The board has approved a manageable budget that will allow Nipissing to move forward with certain strategic plan objectives and some key growth initiatives, while continuing to provide the exceptional student experience for which we are recognized