The Laurentian University Board of Governors approved a balanced $161-million budget for 2019-20 Friday.
This represents a growth of 0.2 per cent over last year’s budget and eliminates a $4.4-million deficit while investing in priorities outlined in the school's 2018-2023 strategic plan, said a press release put out by the university.
In balancing the budget, Laurentian said it had to deal with a loss of about $3 million per year due to political tensions which impacted our students from Saudi Arabia, the press release said.
Compounding that situation is the mandated 10-per-cent cut to domestic tuition, LU said. The budget has built in an assumption of $5.5 million of support from the province’s Northern Sustainability Fund to provide time for the university to complete the implementation of its sustainability plan.
Highlights of the budget include:
- Increase in spending to support academics including hiring faculty in accredited programs as identified in our strategic plan
- Increasing academic supports
- Maintaining student service levels
- Increase investment in graduate teaching assistants (GTA) and related scholarships
- Increasing investments in International Student recruitment and supports
This budget allows the university to continue without disrupting critical services, but it has also included decisions not to rehire in certain administrative and academic areas, said the press release.
Laurentian said it is determined to "hold the line" on costs, and to seek new revenue and savings opportunities.
