Utilities, Taxes and Insurance Financing

The Utilities, Taxes and Insurance responsibility centre includes all centrally billed utility costs of $6.91 million ($6.27 million in 2022-23), including $0.81 million ($0.38 million in 2022-23) of federal carbon taxes.

This represents the majority of the University's total utility costs of $7.53 million ($7.18 million 2022-23). See Figure 61 on page 37 for details of utility costs. The remaining utility costs are billed directly to operating units. As detailed in Figure 102-B, offsetting these utility costs are chargebacks to Residences and external units to the University.

As further detailed in Figure 102-B, included in operating costs are municipal taxes (payment in lieu of property taxes), offset by the Grant in Lieu of Municipal Taxes. For more details, see page 30. The remaining operating costs are made up of repairs and maintenance and capital replacement costs, the majority of which are related to the University's central utilities building; insurance costs, contracted services and professional fees, and other operating costs.

The Financing responsibility centre includes the portion of the principal and interest payments of the University’s external debt, which is not included in Residences or in Ancillary Services. The budget includes principal payments of $1.55 million ($1.0 million in 2022-23) related to debt for 3401 Schmon Parkway. 2022-23 budget included principal of $0.23 related to the debt for the Roy and Lois Cairns Health and Bioscience Research Complex (RLCHBRC). Interest of $6.81 million ($6.87 million in 2022-23) related to the debt for the 2045 $93-million debenture (2005 bond), the 2060 $125-million debenture (2020 bond), the Scotia loan and 3401 Schmon Parkway were included in the budget. 2022-23 also included interest related to the debt for RLCHBRC. For details on all interest and principal payments included in the budget, see Figure 62 on page 38. For a breakdown of the debt and more information on Brock’s financing strategies and all debt outstanding, see page 83.

The revenue in the Financing responsibility centre in the 2023-24 budget represents the Zone expansion student ancillary fee of $1.49 million ($1.55 million in 2022-23), which is being transferred to an internally restricted reserve (sinking fund) as part of inter-fund expenses to support the repayment of the Zone Expansion project. Also included is a transfer from Ancillary and Residence to fund $3.22 million ($3.22 million in 2022-23) of the 2020 bond debenture debt payments. The 2022-23 budget included revenue of $0.38 million of investment income on the sinking fund, which was transferred to an internally restricted reserve to support the 2005 bond. This is not included in 2023-24 to align the budget more closely with actuals as the investment income is directly reported in the sinking fund.