On the State of the Treasury Office of the Vice-President, Finance Finance Commission January 23 rd 2013.

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Presentation transcript:

On the State of the Treasury Office of the Vice-President, Finance Finance Commission January 23 rd 2013

“We must consult our means rather than our wishes.” - George Washington

The Last Decade: Change, Growth, and instability

General Trends Trending growth in Student Government and Activity spending over time Inflationary factors: takes more money to do the same thing year after year (relative value) Declining surpluses Growing operational shortfalls

Operational Budget Inflation Growth in what we do Growth in Administration as a part of a plan to modernize Declining business contributions Increase in spending

Risk and the operational revenue Why we are struggling now Over 30% of operational revenue is comprised of the business contribution Inappropriate level of risk Operate with a view to eliminating risk. “It’s the economy, Stupid” -Bill Clinton The UBC economy is different today than it was a decade ago.

Future Outlook: The Finance Office is projecting lower business contributions in the years ahead Based on a number of assumptions taking into account the returns this year to date, and in considering the slated continued construction of the NEW SUB as well as slated construction and development in the surrounding area.

Forward Strategies Revising the Fee Structure to reduce the allocation to CPAC, and review the purposes of this fund. Monetize assets and deposit in the Endowment Fund. ( IE: sell the Whistler Lodge ) Cut Spending? Adopt an official financial strategy to guide (not bind) the VP Finance and Budget Committee

Forward Strategies Business Contribution Investment Revenue Student Levies

Forward Strategies and where we are going Step 1 Stabilize Revenue Begin to lower risk in the operational budget Step 2 Reduce Business Revenue to Student Operations Grow Investment Revenue Step 3 Eliminate Business revenue from the operational Budget Contribution should be redirected toward the Endowment Fund to Grow investment Revenue Business can lower prices to offer students a new service of cheaper food

The trouble with CPAC (Student Spaces Fund) The Tax contingency. CPAC contributes to the CRA’s ire toward our revenue, capital, and financial structure. Creates inequity among the students of UBC Bad Financial Policy Capital Debt is Good Debt Taxation without consistent service

Budgeting and Internal Review Finance Commission and S.A.C. Reform to provide better service (Full proposal forthcoming) Budgeting Guidelines Establish a Criteria for CORE FUNDING (that is to say, in poor times what will the AMS fund fully). Re-establish an emergency fund with a Keynesian rational entrenched in the Code of Procedure.

“Don't tell me what you value, show me your budget, and I'll tell you what you value.” -Joe Biden

Questions Office of the Vice-President, Finance