McGill’s Board of Governors approved the budget for Fiscal Year 2017 on Thursday, April 21, following a presentation by Provost and Vice-Principal (Academic) Christopher Manfredi. While the University will continue to run a deficit, the anticipated $2.7-million shortfall for Fiscal Year 2017 is considerably less than an earlier projection of close to $10 million.
The good news, Provost and Vice-Principal (Academic) Christopher Manfredi told Senate Wednesday, is that the provincial government hasn’t dropped any surprises into its final message on university spending for the current fiscal year.
While McGill’s cost-cutting measures will remain in place, staff salary commitments will be honoured and work will soon begin to modernize McGill’s buildings and IT infrastructure, Provost Anthony C. Masi told Senate in his annual budget presentation on April 22.
Provost Anthony C. Masi gave Senate an overview of McGill’s financial situation on Feb. 18, that predicts budget cuts of 2 to 3 per cent on average for academic and administrative units, respectively, and a deficit in the next fiscal year of about $14 million.
For the fourth year in a row, McGill’s Budget Book has earned the Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA), for its effectiveness not just as a financial plan, but also as a communications vehicle, policy document and operations guide.
On Nov. 12, Quebec’s universities and CEGEPs were hit with that new round of cuts, amounting to $31.6 million. McGill’s share is close to $5 million. Provost Anthony C. Masi talked to the McGill Reporter about this development, and the University’s ongoing underfunding situation.
Imposing a hiring freeze for administrative staff at the University will help McGill to keep its promises and meet its obligations with regard to salary increases, while still respecting the provincial government’s demand that universities trim their administrative salary mass, Provost Anthony C. Masi told Open House forums on McGill’s financial situation held Monday.
An update on McGill’s financial situation.
Because McGill had already anticipated another round of funding cuts from the Quebec government, the University is well placed to weather this next round of spending reductions, Principal Suzanne Fortier told Senate Wednesday afternoon.
After the Budget Book was approved by the Board of Governors on April 28, the McGill Reporter sat down with Provost Anthony C. Masi to talk about Budget FY2015, reinvestment, funding our priorities and McGill’s financial future.