Senate: McGill aiming for a balanced budget by 2011

Senate: McGill aiming for a balanced budget by 2011 McGill University

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McGill Reporter
May 29, 2008 - Volume 40 Number 18
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Home > McGill Reporter > Volume 40: 2007-2008 > May 29, 2008 > Senate: McGill aiming for a balanced budget by 2011

Senate: McGill aiming for balanced budget by 2011

The last McGill University Senate meeting of the academic year saw the tabling of what Provost Anthony Masi termed a "good news" draft budget - one that proposes to bring the University's operations into the black within three years.

"This budget, from my perspective, is moving in the right direction," Provost Masi told the May 21 Senate meeting. "This is a good-news budget."

A 1.5-per-cent decrease in faculty spending, coupled with anticipated revenues of $100 million and continuing efforts to secure greater government funding, will help put McGill in a position to wipe out its deficit by 2011, Principal and Vice-Chancellor Heather Munroe-Blue said in the preamble to the budget presentation.

Though current projections indicate McGill will end fiscal 2008 with a deficit of $16.9 million, "we are more able now than at any time in the recent past to support our academic priorities with a growing revenue stream. There is still much road to travel, but we are on the right path," Prof. Munroe-Blum said.

"For fiscal 2009, we propose to reduce the deficit to $10 million, moving us closer to balancing our operating budget by the end of fiscal 2011."

A key component of the University's fiscal plan is focused on negotiations with government. Despite historical under-funding of Quebec universities, Prof. Munroe-Blum said McGill has been negotiating for its share of $53 million per year in provincial funds over the next five years.

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