2017–18 Budget Conversations Presenters: Graham Carr, Provost and VP of Academic Affairs Denis Cossette, Chief Financial Officer September 2017.

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Presentation transcript:

2017–18 Budget Conversations Presenters: Graham Carr, Provost and VP of Academic Affairs Denis Cossette, Chief Financial Officer September 2017

Charting Our Future as a Next-Generation University

Annual Operating Budget – Process Budget Review Working Group (BRWG) Reviews current state and develops assumptions. Budget planning begins in the fall, involves all sectors. Constantly reviews assumptions and forecasts to respect current funding situation and strategic alignment of the university’s priorities, in collaboration with the Faculties and units. BRWG Members Graham Carr, Provost and VP, Academic Affairs Denis Cossette, CFO Roger Côté, VP, Services Christophe Guy, VP, Research and Graduate Studies Jean-François Hamel, Senior Director Financial Planning and Budgets Lisa Ostiguy, Deputy Provost Gracy Pardillo, AVP Finance and Controller VP Services VP Research and Graduate Studies Controller CFO

Annual Operating Budget: Timeline

2017-18 Operating Budget: Key Challenges and Assumptions Government of Quebec funding and legal framework requirements (e.g. prescribed decisions such as tuition fees, pension reform) Increases in government funding lower than annual cost increases Most costs are fixed, e.g. salaries and utilities Deficit reduction Need to adapt to changing environment

Government of Quebec: University Funding 3% increase in university sector ($85M)

2017-18 Concordia’s Operating Budget Total Revenues $473.7 million Total Expenses $477.6 million Operating Deficit - Forecast ($3.9 million)

Projected Net Revenues: $473.7 million

Operating Grant: $300 million

Projected Expenses: $477.6 million

Other Expenses: $46 million

Key Priorities for 2017-18 Strategic investments, including: Enrolment Incentives Strategic Directions Initiatives Postdoctoral Hiring Support to researchers (indirect costs) Campaign for Concordia Reduction of annual deficit Reduction of the deficit by 58% over past two years Cumulative Government of Quebec budget reductions since 2010-11: $ 90 million

Reducing Annual Deficit Budget Actual Cumulative deficit since 2008-09 2015-16 $9.3 million $14.1 million 2016-17 $6.3 million $5.7 million $19.8 million 2017-18 $3.9 million $23.7 million

Investing in Our Future 2017-18 budget reflects ongoing commitment to investing in our future as a next-generation university by: Making strategic investments that support enhancing enhance the student experience; Re-allocating funds to build on the momentum from our 9 Strategic Directions initiatives; and Returning to a balanced budget, supported by ongoing robust financial planning and evaluation.

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