Message from the executive leadership team

We are pleased to provide this year’s budget report. Our deepest gratitude goes out to the Brock community, which inspires our students and has generated the tide of optimism that washes through our campus each day. This budget is an investment in the future of Brock, as well as an investment in our University community. The budget was crafted following many months of planning and consultation, and built through the sometimes difficult decisions made by academic and administrative units across our campus. Their diligence in addressing fiscal challenges have thoughtfully balanced economic factors, risk assessments, changing government policies, and enrolment trends to culminate in our investment plan for 2023-24.

Brock began the fiscal year with the honour of hosting the 2022 Canada Summer Games. The first “research games” in its history was a milestone for Brock, the Canada Games, and all post-secondary education. The legacy of the Games extends well beyond the remarkable 205,000 square foot Walker Sports and Abilities Centre that sits on Brock’s campus. The academic, research, athletic and community opportunities we have right here on our campus thanks to the community’s investment in Brock is an example of how grand visions lead to a brighter future.

This budget plan continues the momentum we have built in recent years to enhance our research enterprise through increased funding. Despite fiscal challenges, increased investments in the research enterprise beyond the rate of inflation will enhance Brock’s ability to build research capacity across the University.

Ontario’s universities continue to operate within a challenging fiscal context, which was exacerbated by the Province’s decision to mandate a 10 per cent domestic tuition rate reduction for the 2019-20 academic year and freeze tuition thereafter. We all recognize that Brock’s sustainability is dependant on our capacity to innovate. We are investing in many new growth opportunities within this budget including new academic programs, research, student services and fundraising. This budget supports our core operations and includes enhanced investments in new and growing programs that will serve our students and communities into the future.

The investments highlighted in this document are aligned with Brock’s Institutional Strategic Plan. We encourage each of you to reflect on how your units have supported our students over the recent years and how your units will continue to build on the progress made. Through the investments made in this budget, our students will continue to prosper.

We look forward to being part of the accomplishments of this world-class institution in the year ahead.

Financial results

The funding budget for fiscal 2023-24 is illustrated in Figure 1. It identifies an in-year mitigation target of $3.99 million, as compared to a mitigation target of $3.00 million in 2022-23. At the time of preparing the budget report, fiscal 2022-23 has not been completed; however, we are projecting through our second trimester reporting (T2) for fiscal 2022-23 a remaining mitigation target of $0.3 million, which we anticipate will be mitigated by year-end. The information below describes our financial health and compares several of our financial health metrics to other comprehensive universities. In addition to the metrics below, Brock's current DBRS Morningstar credit rating is "A (high)" with stable trend. See page 83 for further details of the credit rating.

Statement of operations metrics

The following metrics were developed to identify areas of strength as well as improvement.

(1) Calculated using financial information from 13 comprehensive universities. Certain 2021 metrics have been updated due to revisions in certain universities' financial statements

Brock’s tuition is in line with the average; however, grant revenue per student continues to be well below the sector average and represents an area of ongoing attention for the University. Naturally, Brock operates more efficiently, given the below-average funding, and this results in lower personnel costs per student to counterbalance the lower funding. Brock continues to invest in students through increasing scholarships. Interest and investment income metrics are in line with Brock’s financial health metrics, as detailed below.

Financial health metrics

(1) Certain Brock 2021 metrics have been adjusted due to an update in reporting.

(2) Calculated using financial information from 13 comprehensive universities. Certain 2021 metrics have been updated due to revisions in certain universities' financial statements.

Refer to page 84 for explanations of the debt-related financial health metrics.