The Budget series
Part 1: Administration releases landmark budget
On May 25, the Board of Governors approved the McGill University Budget 2010-2011, an ambitious document that has the potential to dramatically alter the direction of the University and its finances in coming years.
Among the goals set forward in the nearly 60-page Budget Book is the funneling of funding to lucrative graduate research, the deregulation and increase of student tuition, and the elimination of the University’s deficit by the end of this fiscal year…
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Part 2: Budget forecasts severe tuition increases
In order to achieve a break-even budget for Fiscal Year (FY) 2010-2011, McGill has attempted to diversify its revenues beyond government grants this year.
The main source of additional revenue for the University is tuition and other related fees, which are forecast to generate close to $173 million in FY2011, or 27 per cent of McGill’s total revenue. All tuition revenue goes to the unrestricted Operating Fund, and can be put to use anywhere in the University.
Provost Anthony Masi stated in an email to The Daily that while the dollar amount from the Ministère de l’Éducation, du Loisir et du Sport (MELS) grant is increasing, the percentage amount is decreasing. To compensate for the dip in provincial funding, McGill is taking measures to increase its revenue through tuition hikes as well as raising enrolment in programs from the undergraduate to the PhD level…
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Part 3: McGill stuck on deferred maintenance treadmill
Of the roughly $1 billion McGill is projected to spend this fiscal year (FY), over $100 million is to be dedicated to infrastructure projects, according to the University budget.
The money is funnelled into the Plant fund, which comprises all revenue specifically earmarked for the acquisition, construction, or renovation of McGill’s infrastructure assets.
“There are a hundred different construction projects on as we speak,” said SSMU President Zach Newburgh…
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Part 4: McGill cycling out tenured professors to cut costs
In a blend of economic, academic, and prestige enhancing goals, McGill has invested $9.8 million in an “academic renewal” program, essentially insitutionalizing professor turnover.
The measure is designed to replenish McGill’s professorial ranks, improving the University’s academic quality and international prestige, while also saving money in the long-term…
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