Principal's Economic Statement

Dear colleagues, students, alumni and friends,

In February, I wrote to you about the economic challenges facing McGill and our plan to develop solutions to ensure McGill will continue to thrive. As promised, I am now sharing our recommendations for next year’s budget (fiscal year 2009-10).

The Context

Before I detail our proposed plans, let me describe the big picture. These recommendations come in the context of work underway that is literally transforming our university:

• renewal of our people, academic aspirations and research strategy;
• a new emphasis on student life and on research-enriched learning;
• improved governance, administration and communications; and
• enhancement of our infrastructure and resources.

All of this is being done understanding the importance of McGill’s unique history, mission, values and character. As well, over the last few years, we have increased our revenues and increasingly diversified the sources of our revenues, while focusing resources on our research priorities and performance. We have achieved improved financial efficiencies, productivity and accountability. Our deficit narrowed from $15 million in 2007-08 to $10 million this year and will be reduced to $5 million in 2009-10. We all can be very proud of contributing to a continuous strengthening of our University.

Read the rest here.