CBU running deficit
Board of governors approves $49M operating budget
The Cape Breton University board of governors approved a $49-million operating budget Friday that includes a $659,000 deficit.
The budget, which covers the 2017-18 academic year, represents an overall increase of approximately 1.8 per cent from the previous year. It is CBU’s second consecutive deficit budget, although the deficit is less than the budgeted deficit for 2016-17 and down from the amount authorized by the board in its endorsement of the CBU financial plan last September.
The budget proposal flows from a five-year revitalization plan presented by interim president Dale Keefe, which was also reviewed and approved at the meeting.
The budget includes a tuition increase of 5.9 per cent, a government funding increase of one per cent, more money for student financial aid and provisions for strategic investments in growth areas.
“These are very tough financial times in the higher education sector in Nova Scotia,” Keefe said in a news release. “We are very confident that the budget presented (Friday) by vice-president, Gordon MacInnis will allow CBU to remain committed to quality programming, while enabling us to grow in a fiscally responsible way as outlined in the revitalization plan.”
The revitalization plan is designed around strategies including growth in international and aboriginal student enrolment offset in part by increased recruitment and student services costs. The plan also takes into account a modest reduction in part-time teaching costs comprised of reduced investment in programs with declining enrolment and increased part-time investment in growth areas, fundraising revenues benefiting the operating fund and business development activities.
“There are always tough decisions that need to be made as we move forward and drive progress,” says Keefe. “We do feel strongly that the choices made are in the best interest of our students and will serve the university well as we grow and flourish.”
A presidential selection committee to find a replacement for David Wheeler was also approved at the meeting. The committee will have to file a report with recommendations on the next university president within nine months.