LU Approves Ambitious Multi-Year Budget

June 25, 2012 - Laurentian University’s Board of Governors unanimously approved a balanced budget of $132.1 million for 2012-2013, as well as a multi-year budget until 2017-18 aligned with the outcomes identified in the University’s five-year Strategic Plan. The budget was presented to the Board of Governors after a broad consultation process, seeing over 300 students, faculty and staff in Sudbury and Barrie weigh in over 16 different sessions.

“We have aligned our budget with the university’s key goals and aspirations and are investing in high quality academic programs, research excellence and student supports,” said Dominic Giroux, President and Vice-Chancellor of Laurentian University. “We are focused on achieving the outcomes set out in our strategic, academic and research plans.”

Some of the notable investments include:

• $42.6M for the new School of Architecture;
• $35M to support campus modernization in Sudbury (including classroom redesign, new collaborative spaces, one-stop student services, and a new front door welcoming     centre);
• $7.9M by 2017-18 to address deferred maintenance;
• $6M for the rehabilitation of the Single Student Residence (SSR);
• $4.1M by 2017-18 to support the international accreditation of the Faculty of Management;
• $2.8M by 2017-18 to reintroduce men’s and introduce women’s hockey in the Fall of 2013;
• $2.1M by 2017-18 to launch the School of Mines;
• $2M to modernize food services on campus, including a new Starbucks in 2012 and full renovation of the Great Hall in 2013;
• $1.8M by 2017-18 to increase staff training and professional development;
• $1.4M by 2017-18 to enhance services through the Centre for Academic Excellence;
• $1.05M by 2017-18 to secure full funding for the construction of the Indigenous Sharing and Learning Centre, enhance proactive hiring practices for Aboriginal faculty and staff, and increase Indigenous content in courses.

The plan calls for enrolment growth of 1,150 students by 2017-18, and the university will do so while raising the average entry grade even higher, from 81% to 83% and continuing to diversify and grow its international student population.

Barrie operations will see an increased investment of $0.8M in 2012-13, including 3 new faculty members to support program expansion and a new Associate Vice-President, Administration and External Relations. The University has pledged $14M towards a new campus in downtown Barrie, a pledge which has been matched by the City of Barrie.

The approved budget includes significant investments in faculty and staff renewal. Key 2012-13 hires include a Canada Research Chair in Geochemistry, a Canada Research Chair in Environmental Microbiology, a Research Chair in Occupational Health and Safety, 20 other faculty hirings, more full-time counselors, an additional technologist in the Bharti School of Engineering, the Executive Director of the School of Mines, additional staff in Sudbury for security, marketing and capital projects, additional administrative and student recruitment support in Barrie.

“We are one of the few Canadian universities in a strong financial position,” offered Laurentian Vice-President of Administration, Carol McAulay. “We have balanced budgets projected for at least the next six years, we have a solvent pension plan and low long-term debt ratios. This allows us to move forward with so many game-changing investments. It’s an exciting time to be at Laurentian.”