PEOPLE-GROUP

Economic and community impact metrics:

• Research funding and capacity (Tri-Council funding)

• Research funding from privatesector sources (innovation)

• Impact in the local community

• Economic impact: Co-op, Nursing and Teacher Education practicum student placements in Niagara (institution-specific)

At the time of writing this budget report, we are projecting, through our second trimester reporting (T2) for fiscal 2022-23, a remaining mitigation target of $0.3 million vs. the mitigation target as part of the budget of $3.0 million. The T2 reporting can be found at brocku.ca/about/university-financials. This outcome indicates that we have already mitigated $2.7 million of our budgeted mitigation target. The T2 reporting forecasts a revenue shortfall versus budget of $23.2 million, which is offset by mitigation strategies such as personnel savings forecasted to be $12.2 million and non-personnel operating costs savings to be $13.7 million. At year end, this projection will be updated to actual results in the 2022-23 Annual Report.

After another challenging year of prioritizing spending and reducing costs where possible we are budgeting a mitigation target for 2023-24 of $3.99 million, which represents approximately one per cent of the budgeted revenue. The 2023-24 budget was established with certain key assumptions:

1. The enrolment forecast shows an increase of 82 (0.5 per cent) undergraduate students and a decrease of 48 graduate (2.7 per cent) students as compared to 2022-23 forecasted all-in enrolment.

2. Changes to the Province’s tuition policy allowing for an increase to domestic out of province tuition rates, representing $0.09 million additional revenue as well as the opportunity to request tuition increases for programs which meet certain criteria established by the Province, representing an estimated additional $1.6 million.

3. Ministry of Colleges and Universities (MCU) operating grants in 2023-24 are forecasted to be consistent with the amounts expected to be received in 2022-23, with the exception of additional funding for Nursing and Teacher Education. The funding model is described in the Grant revenue section of this report starting on page 28.

4. Inclusion of uncommitted strategic/discretionary funds of a half per cent of the revenue budget, at $1.95 million.

5. The assumption that the University would continue with mainly in-person operations for all of 2023-24. Due to the mitigation target in 2023-24, the mitigation measures of fiscal 2022-23 will remain in effect. These measures will assist us in meeting our target of a yearend balanced result or better. Steps are also required to find a way to permanently eliminate the need for these mitigation measures and ensure we remain financially sustainable, where revenues naturally grow in harmony with the rate of growth in our expenditures. Any surplus at the end of the year derived from mitigation efforts will be reinvested in strategic priorities of the Institutional Strategic Plan.