UNBC’s Board of Governors has approved a $75 million operating budget for 2015-16.
The balanced budget includes a 2 per cent tuition fee increase, which the university says amounts to about $99 more per year for a full-time undergraduate student.
“At the end of the day, you want your degree and you want a good job. We do really need to cut down the cost as soon as possible,” says Karanbir Dhariwal, an international student India who starts his fourth year in September.
UNBC President Daniel Weeks acknowledges the university has some fiscal challenges ahead, including a projected deficit of $3.7 million for the 2016-17 budget. Declining tuition revenue, a reduction in government grants and growing compensation costs are cited as financial pressures on the university.
“We need to go through a planning exercise that really looks at what our budget needs to serve and create some priorities, and then we’ll take a hard look at that,” Weeks says.
In addition to the tuition increase, the following steps are being taken to balance the 2015-16 budget:
– A one-time elimination of allocations to reserves that have sufficient balances to maintain activities at the same level as previous years.
– A temporary decrease to the utilities budget based on last year’s results.
– A temporary increase to the revenue line related to investment income based on prior years’ returns.