Careful financial stewardship results in balanced budget for UPEI
As the largest graduating class in the history of UPEI prepared for convocation day, the university's Board of Governors was pleased to approve a balanced operating budget for 2011-12 at its May 5 meeting. Through careful financial management during challenging fiscal times, UPEI has been able to sustain its existing programs and services and support important new initiatives while keeping tuition rates among the lowest in the Maritimes.
'UPEI's budget for 2011-12 is all about doing our best while living within our means,' says President Wade MacLauchlan. 'It is a struggle to do everything we want to do to improve and to strive for excellence. Elsewhere, difficult choices are being made by universities to cope with budgetary reductions. At UPEI, we feel fortunate and proud to be able to present a balanced budget at this difficult time, and we appreciate that post-secondary education continues to be a priority for PEI.'
Provincial operating grants constitute 40 per cent of total UPEI revenue in 2011-12. In the latest provincial budget, UPEI's operating grant increased by 3 per cent which, in practical budgetary terms, is a 1.2 per cent increase when considered against the totality of UPEI activity, including the growing costs of expanded programming and increased student enrolment. The provincial government also contributed funds to support the introduction of a new kinesiology program and to continue the BEd kindergarten program.
Tuition fees represent less than 25 per cent of the total operating budget. Undergraduate tuition costs will rise by $9 per course, and international students will see a differential fee increase of $500 this year. Most other fees for 2011-12 will remain the same or increase minimally.
At the Atlantic Veterinary College, DVM students will see a tuition increase of $750. AVC tuition costs are competitive with similar institutions elsewhere. This increase partially reflects a response to a decrease in AVC's interprovincial funding from other provinces. New initiatives to reduce costs and increase revenue generation at AVC are being considered to offset the decrease in funding.
UPEI's strong fiscal management in recent years provides a stable base from which to approach future budgetary challenges. These include ensuring that the university pension fund is in a properly funded situation, and making essential investments to renew UPEI's information system.
To view the 2011-12 UPEI Operating Budget, go click here.
