Here at Lakeland College, we acknowledge that the land we gather on is the traditional homeland, hunting, and ceremonial gathering places of the First Nations, Métis and Inuit. The Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis, Dene, and Nakota Sioux people have practiced their culture and languages on Treaty 6 and Métis Region 2 territories for generations and were the original caretakers of this land. Many First Nation, Métis and Inuit peoples call this land home today and have done so for millennia. We would like to acknowledge the history we have created together on this land, and to be thankful for the opportunity to walk together side-by-side in friendship, learning from our past, and promoting positive relationships for the past, present and future.
Three members of our Indigenous Student Committee created this land acknowledgment for Lakeland College. Kiera Comeau, Samantha O’Reilly and Ryan Powder wrote the askīyiwimamīhcītotamowin. The English translation of this Cree concept is the act of acknowledging the earth (land).
Mission
To inspire lifelong learning and leadership through experience, excellence, and innovation.
Transforming the future through innovative learning.
President’s Message
I am pleased to share highlights from Lakeland College’s 2023-24 fiscal year – a year of achievements and progress driven by our commitment to transforming the future through innovative learning.
Guided by our Vision 2030 framework, and its four key outcomes - Learner Success, Relevant Programming and Research, Connectivity, and Sustainability - we continue to deliver transformative, hands-on learning experiences. We’re proud to report that 92 per cent of our programs incorporated work-integrated learning opportunities, ensuring students benefit from Lakeland’s experiential approach.
Our research efforts have flourished, with over $2.5 million in sponsored research and 55 active projects underway, including 25 new initiatives. Major advancements were made in capital projects including the Bentley Building modernization and residence revitalization. The Farm Master Plan was finalized in 2023, and work began on a 20-year redevelopment plan for the Student-Managed Farm Revitalization.
People often ask: How does Lakeland do it? How do our students continue to excel in competitions like the National Kitchen and Bath Association design contest and Skills Canada? How do we win two Canadian Collegiate Athletic Association championships in a single month? And how do we strengthen partnerships, grow enrolment, and uphold responsible financial stewardship?
The answer is simple: teamwork. Lakeland thrives because of the collective efforts of our students, faculty, staff, alumni, and partners. My thanks to everyone who helps us live our motto: Ever to Excel.
On behalf of the Board of Governors and my colleagues, I am pleased to present Lakeland’s 2023-24 Annual Report.
[Original signed by Dr. Alice Wainwright-Stewart] President & CEO, Lakeland College
2023-24 Lakeland College Board of Governors
Chair, Public
Adam Waterman
Vice Chair, Public
Dean Fahselt
President and CEO
Dr. Alice Wainwright-Stewart
Non-Academic Staff
Trisha Mechor
Academic Staff
Wanjiku Kaai
Students
Holly Arychuk
Jaydon Winter
Public
Brent Fischer
Dr. Sean Lessard
Barb Shackel-Hardman
Kelly Smith-Fraser
Accountability Statement
Lakeland College’s Annual Report for the year ended March 31, 2024, was prepared under the Board’s direction in accordance with the Sustainable Fiscal Planning and Reporting Act and ministerial guidelines established pursuant to the Post-Secondary Learning Act. All material economic, environmental or fiscal implications of which we are aware have been considered in the preparation of this report.
[Original signed by Adam Waterman]
Chair, Lakeland College Board of Governors
[Original signed by Dr. Alice Wainwright-Stewart]
President & CEO, Lakeland College
Management’s Responsibility for Reporting
Lakeland College’s management is responsible for the preparation, accuracy, objectivity, and integrity of the information contained in the Annual Report. Systems of internal control are designed and maintained by management to produce reliable information to meet reporting requirements. The system is designed to provide management with reasonable assurance that transactions are properly authorized, are executed in accordance with all relevant legislation, regulations and policies, reliable financial records are maintained, and assets are properly accounted for and safeguarded.
The Annual Report has been developed under the oversight of the institution audit committee, as well as approved by the Board of Governors and is prepared in accordance with the Sustainable Fiscal Planning and Reporting Act and the Post-Secondary Learning Act
The Auditor General of Alberta, the institution’s external auditor appointed under the Post-Secondary Learning Act, performs an annual independent audit of the consolidated financial statements which are prepared in accordance with Canadian public sector accounting standards.
[Original signed by Adam Waterman]
Chair, Lakeland College Board of Governors
[Original signed by Dr. Alice Wainwright-Stewart]
President & CEO, Lakeland College
Public Interest Disclosure
(Whistleblower Protection Act)
Under the Public Interest Disclosure (Whistleblower Protection) Act, Lakeland employees can report in good faith when they believe a wrongdoing has occurred. Lakeland has a detailed procedure that explains the whistleblower process that is followed.
A requirement of the Public Interest Disclosure (Whistleblower Protection) Act is that all disclosures made during the year are reported.
Lakeland did not receive any disclosures during the 2023-24 year.
Board of Governors Training on For-profit Ventures
There were no training opportunities for board members during the reporting period.
Free Speech Reporting
Lakeland College’s Free Speech Policy was not updated in 2023-24 fiscal year. It can be found online at lakelandcollege.ca/about/freedom-of-expression.aspx During the 2023-24 fiscal year, no events at Lakeland were canceled for reasons related to free speech, nor did the college receive any complaints related to free speech issues.
Goals and Performance Measures
Lakeland’s Vision 2030
Lakeland’s Vision 2030 embodies a comprehensive approach that ensures alignment with the Government of Alberta’s priorities and Lakeland’s aspirations. Vision 2030 is built upon four overarching outcomes:
Learner Success
Relevant Programming and Research
Connectivity
Sustainability
Within the framework of Vision 2030, we have established milestones to be reached by 2025. These are outlined in the 2023-24 Strategic Plan which is available on Lakeland’s website. In this section of the annual report, we report on the progress made in 202324 in advancing towards the 2025 milestones.
Outcome: Learner Success
Vision 2030: Lakeland College provides students with an environment that promotes academic success. By creating a culture of belongingness, our students have the opportunity to embrace diversity, be supported, engage in leadership experiences and recognize the importance of lifelong learning.
Campus Culture Lakeland fosters lifelong learning and leadership.
1) Student mentorship program on both campuses.
2023- 24 Outcomes
1) Set target for retention and completion rates.
1) Work began on a Strategic Enrolment Management Plan with involvement from people throughout Lakeland. Retention and completion targets will be established in this work.
Supports for Learners Every learner has access to a full range of supports and the college is a partner in academic success.
1) Review the student supports model.
2) Proactive healthy lifestyle programming.
2023- 24 Outcomes
1) Set target for the number of student supports available.
2) Set target for the number of wellness student supports available.
1) The target for the number of active functional student support services was set at 15 and includes financial aid, students’ association, academic advising, clubs, learner success, peer tutoring, employment services, Indigenous services, International support services, accessibility services, library services, counselling, wellness, health services, and recreation. Highlights of activities for these various support services include:
• 444 new students signed up for peer tutoring through Nimbus Learning. There were 97 new tutors, 671 individual tutoring sessions and 116 group sessions.
• 224 students registered for accessibility services
• 1,564 accommodated exams
• 1,168 counselling sessions
• The Ag and Enviro Career Fair in October 2023 sold out of booths, and attracted 347 Lakeland students
• Human Services students hosted a Wellness Symposium featuring a keynote presentation from Dr. Jody Carrington about burn out and the importance of front-line workers taking care of their mental health
2) The target is six functional wellness services: accessibility services, counselling, wellness, health services, athletics and recreation.
Outcome: Learner Success (continued)
Student Experience Lakeland has a culture of belongingness, engagement, and innovation.
1) Expand the studentled experience to college operations.
2023- 24 Outcomes
1) Work-integrated learning will be incorporated into 85% of programs by 2023-2024.
1.1) Set target for student retention rates.
1) During 2023-24, 92% of Lakeland’s programs included work-integrated learning opportunities, ensuring students benefit from Lakeland’s focus on experiential learning.
1.1) Work began on a Strategic Enrolment Management Plan with involvement from people throughout Lakeland. Retention targets will be established in this work in 2024-25.
Embrace Diversity Lakeland is a leader in providing a safe and welcoming learning environment for every student.
1) Align policies and procedures with equity, diversity and inclusion best practices.
2) Students engaged in crisis management efforts for a safe campus.
3) Increase awareness and obligations to the Truth and Reconciliation Calls to Action.
2023- 24 Outcomes
1) Develop a strategy for Lakeland's equity, diversity, and inclusion practices and programs.
2) Roll out gender-based violence policy and campus-wide training for staff and students.
3) Provide the 4 Seasons of Reconciliation training.
1) With the support of an employee cross-functional team and student committee, the Lakeland Belongingness Compass was developed. This compass is a strategic document that complements the college's mission, vision and values.
2) The gender-based violence policy was approved by Advanced Education. Training related to first responders (sexual assault first aid) was hosted by Lloydminster Sexual Assault Services for individuals in critical roles. More than 30 Lakeland employees took training. Online student training will begin in 2024-25.
3) More than 50 per cent of permanent employees have completed 4 Seasons of Reconciliation online training. Indigenous Student Support department continues to enhance opportunities for employees, community members and students to learn about culture, reconciliation and create common understanding.
Relevant Programming & Research
Vision 2030: Lakeland College transforms learners into leaders through student-managed enterprises, events and experiences. Innovative and quality programs, which are aligned with labour market needs, offer flexible access to student-centred pathways. With faculty mentors, students work alongside industry partners to conduct research aligned with industry needs. Research efforts support our programming, and the results are of interest to people and industry throughout Canada.
Program Quality Every student learns experientially through student-led initiatives.
1) Program curriculum is refreshed and equipment is modernized.
2023- 24 Outcomes
1) Completion of all annual program reviews and selected program evaluations.
1) All annual program reviews were completed. Emergency services technology, welder, pre-employment welder and esthetician program evaluations were completed.
Labour Market Alignment Graduates have employable skills and programs are launching pads into successful careers.
1) Lakeland programs align with industry needs.
2) Lakeland fills a regional corporate training niche.
1) Review program advisory committee strategy.
2) Set target for the number of industry training offerings.
2.1) Set target for number of learners receiving Prior Learning Assessment and Recognition (PLAR) in retraining and upskilling programs.
2023- 24 Outcomes
1) Between September 2023 and May 2024, work on the Academic Framework identified several elements that will be developed as part of the framework. The program advisory committee strategy was one of the elements that was reviewed and plans to redevelop the program advisory strategy, including the procedures and processes, have been put in place as part of the work of the Academic Framework in 2024-25.
2) The target for 2024-25 is 40 contracts at the Emergency Training Centre, exceeding the 39 contracts involving 30 industrial and nine municipal clients that were completed in 2023-24.
2.1) A target of 14 learners receiving PLAR was set.
Relevant Programming & Research (continued)
Focus Priority Initiatives (Vision 2030)
Flexible and StudentCentered
Students learn when, where, and how they prefer and have access to learning pathways.
Expected Outcomes (2025 milestones)
1) Growing flexible options for students.
Performance Measures (2023-24)
1) Set target for the number of transfer agreements.
1.1) Maintain number of Career and Technology Studies (CTS) offerings and dual credit offerings.
1.2) Maintain number of transition/ foundational learning programs.
1.3) Establish a plan for micro credential offerings.
2023- 24 Outcomes
1) A target of 220 transfer agreements was set.
1.1) Between April 1, 2023 and March 31, 2024, there were 143 dual credit students in nine dual credit courses. The previous year, between July 1, 2022 and March 31, 2023, there were 93 dual credit students in eight dual credit courses. That time period was nine-months due to the change in Lakeland’s fiscal year. There were 215 students in CTS courses, including automotive, welding, interior design, electrical, carpentry and hairstyling.
1.2) Lakeland again offered these full-time day programs: employment skills enhancement, administrative support (new in 2023- previously admin 1 and admin 2), pre-administrative profession, and career exploration & preparation. The community care employment project was approved for the 2024-25 academic year. There were six sessions of evening Adult 12 courses including ELA A30 and B30, Math 30, Bio 30 and Chem 30. The only course not offered that was offered the year before was Math 20. During the academic year, 74.55 per cent of students completed their program or course.
1.3) Between September 2023 and May 2024, work on the Academic Framework identified several elements that will be developed as part of the Academic Framework. Developing a strategy for micro credentials was one of the elements that was identified as part of the Academic Framework. This work will be completed in 2024-25.
Innovative Research Lakeland is nationally recognized as a leader in agricultural research and innovation.
1) Explore new research streams within the commercial agriculture focus.
2) Create sustainable research funding.
2023- 24 Outcomes
1) Research or evaluate at least one new technology, product, practice, or process per year.
2) Maintain the target of $1.5M for 2023-2024.
1) Between April 1, 2023 and March 31, 2024, Lakeland’s Applied Research team conducted several projects evaluating new technologies, products, practices or processes. For example, as part of a swath grazing project, NoFence collar (a geofencing system for cattle) was tested for its ability to withstand the harsh winter. The research team demonstrated that the system is effective in Alberta winter temperatures. Applied research members are involved in a project developing Lidocaine infused bands as a pain mitigation strategy for common production practices (e.g. tail docking and castration). On the crop side, calcium-based products were tested for their ability to reduce the impact of the highly damaging pulse disease Aphanomyces on field peas.
2) This objective was exceeded, with $2.5 million in sponsored research revenue from 55 active projects including 25 new projects and 30 ongoing projects from prior years.
Connectivity
Vision 2030: Lakeland College connects with external partners to develop mutually beneficial relationships that enhance student success, fund priority projects and create college advocates. Together, we also collaborate to maximize system efficiencies.
Focus Priority Initiatives (Vision 2030)
Industry Partnerships
Industry partners are fully engaged as advocates for students and programs.
Expected Outcomes (2025 milestones)
1) Industry partnerships that support programming.
Outcomes
Performance Measures (2023-24)
1) Baseline for industry partnerships that support programming.
1) Between April 1, 2023 and March 31, 2024 there were 1,379 practicum placements underway or completed. A plan that involves academic schools, donor relations, event services and marketing and enrolment was developed to track industry partnerships in the 2024-25 academic year.
FundraisingA reliable stream of funds are available to support ongoing capital priorities and to support learners through scholarships and awards.
1) Sustainable resources and supported student success through fundraising and external partnerships.
2023- 24 Outcomes
1) Increase the number of fundraising partnerships.
1) The number of donors remained stable, with 596 donors contributing more than $3 million in gifts between April 1, 2023 and March 31, 2024, compared to 605 donors contributing almost $2.5 million in gifts in the same time period in 2023-24.
Collaboration Lakeland is a leader in maximizing system efficiencies and ensuring student success by coordinating with community and postsecondary partners.
1) Lakeland College is identified as an applied research hub for regional industry.
1.1) Maintain the number of formal research partnerships and the number of opportunities for knowledge translation and transfer (KTT).
1.2) Conduct client survey to assess satisfaction and impact of research on business innovation every two years.
2023- 24 Outcomes
1) Lakeland’s research partnership baseline is 50 to 60 partners per year. In 2023-24 Lakeland engaged with 97 partners including 66 from the private sector. The number of Lakeland-led KTT events was maintained with three field day/hands-on workshops (1 crop and 2 livestock). Applied research members also participated in 51 industry/community public events; 21 working group/expert panel, advisory committees; published 15 articles in magazines and newsletters; and participated in six broadcasts and podcasts.
1.2) The last survey was conducted in 2022 with the next one expected in 2024. In 2023-24, Lakeland developed an applied research strategic direction. Internal and external stakeholders participated in a vision setting workshop. Later in the process, external stakeholders were asked to provide feedback on the vision and strategic directions.
2023- 24
Connectivity (continued)
Focus Priority Initiatives (Vision 2030)
AlumniAlumni are fully engaged as advocates for students, programs, and supports of the College.
Expected Outcomes (2025 milestones)
1) Alumni engagement to support student mentorship, student outreach, and school outreach with alumni partners in industry.
1) Lakeland is committed to engaging our alumni community and ensuring that we connect with them throughout their careers and into retirement. Engagement begins before students convocate and continues as they evolve into mature alumni. This past year engagement opportunities included a university transfer social, alumni rodeo, President’s Circle teas, and convocation ceremonies where generation pins are presented to graduates with family ties to Lakeland. In addition, Alumni Weekend was at the Vermilion campus and alumni socials were held at Ag in Motion and Canadian Western Agribition. Almost every Rustlers team created one alumni engagement function.
2) Lakeland created a five-year alumni engagement plan which was rolled out at Alumni Weekend in June 2024. The plan incorporated feedback from an alumni survey and interviews with other post-secondary alumni programs. The survey revealed that 97 per cent of alumni are proud to be part of the Lakeland community. However, it also highlighted an opportunity for growth in maintaining connections once students leave campus. The plan focuses on consistent and evolving interactions to ensure alumni remain involved and committed over time. Engaging alumni in key projects and decision-making will harness their expertise and resources, fostering a dynamic network that supports Lakeland’s mission and long-term goals.
Sustainability
Vision 2030: Lakeland College has a culture that supports responsible financial management practices, staff empowerment, efficient growth and sustainable planning. Focused on resourcing its future, Lakeland uses its resources effectively to support the achievement of its mandate and rural sustainability.
Financial Sustainability Lakeland’s fiscal position is strong and resources are available for strategic investment.
1) Budget framework continues to align with college needs.
2023- 24 Outcomes
1) Adherence to board approved plans.
1) Lakeland continued to follow board approved plans. An annual operating surplus of more than $7 million was generated during the fiscal year, thanks to a combination of higher operating revenues, lower expenses in many cost categories, and unused contingencies. This allowed the Board to appropriate $7 million towards the college’s Strategic Investment Fund which allows much needed reinvestment back into Lakeland. It also allows the college to maintain sufficient operating reserves to address extraordinary situations.
Empower Staff to Excel Lakeland College has a culture of living our values and empowering our staff to achieve our mission and vision.
1) Values are integrated into all decisions.
1) Conduct real-time surveys for staff feedback.
1.1) Establish a staff and student strategy to promote employee systems that encourages fairness, inclusion, equity and allow our Lakeland employees to feel that they belong.
1.2) Roles and responsibilities of employee on-boarding and orientation are clearly identified and put into practice.
1.3) Promote a learning culture to improve internal succession planning and maintain voluntary turnover.
2023- 24 Outcomes
1) Based on the Guarding Minds program, a pulse survey was conducted focusing on stress and satisfaction of employees as well as demographic information related to our current employee population.
1.1) Belongingness Compass looks at both employee and student belonging at Lakeland. Lakeland Belongingness cross-functional team was created and is a sub-group of our mission-vision-values crossfunctional team. The committee helped steer the development of Lakeland’s Belongingness Compass document and annual inventories of activities completed at the college.
1.2) Human resources department focused on updating the onboarding and orientation program for new employees. The program will be rolled out in August 2024.
Sustainability (continued)
Empower Staff to Excel (continued)
2023- 24 Outcomes (continued)
1.3) Professional development initiatives involved 309 participants between April 2023 and March 2024. Highlights include 59 participants in leadership labs and Managing with a Growth Mindset (1 and 2). Topics included values-based decision making, transition to manager, conducting meetings, 60-second conversations, and more. People also participated in conferences, benefited from in-services, and completed more than 120 courses through LinkedIn Learning.
Risk Management Lakeland is responsive to internal and external threats.
1) Business continuity and risk frameworks are implemented to ensure the stability, safety, and services for staff and students at the college.
2023- 24 Outcomes
1) Adhere to and update the Enterprise Risk Management report annually.
1) This report was adhered to and updated. Process improvements were made for both risk and legislative compliance to allow for less manual work and prevent complacency in the assessments and plans.
Sustainable Campus Students are learning in worldclass environments and have access to modern equipment and technology.
1) Completion of a campus revitalization strategy.
2) Improve preventable maintenance cycle.
3) Digital strategies that support academic and administrative efforts at Lakeland.
4) Completion of Sustainability Framework that integrates the United Nations 17 Sustainability Development Goals into our Framework.
2023- 24 Outcomes
1) Adhere to and update the Long-term Strategic Capital Plan annually.
2) Adhere to and update the Capital Maintenance and Renewal Plan annually.
3) Completion of Information Technology Roadmap to 2030: a. Develop a classroom technology plan and a cybersecurity plan; b. Develop a non-teaching departments digital plan.
4) Create a plan to support the framework.
1) This was completed. The Master Plan process to support next-phase development of long-term strategic capital plan is underway.
2) Completed and ready for roll-out with the 2024-25 budget cycle.
Sustainability (continued)
Sustainable Campus (continued)
2023- 24 Outcomes
(continued)
3) These plans are in progress. In addition, a new technology governance structure is in development, which includes an IT advisory committee (ITAC) that will provide oversight and prioritization of all technology projects and policies. Three sub-committees will report to ITAC - academic technology, ERP, and nonacademic technology. This structure will be implemented in 2024-25.
4) This is under development. It is a multi-year project to engage in benchmarking exercise for sustainability measures for college. Initial assessment complete and benchmark year established and completed.
RecruitmentLakeland has a strong recruitment strategy.
1) Optimize sustainable enrolment growth.
2023- 24 Outcomes
1) Develop a strategic enrolment management plan.
1) Academica was hired in 2023 to work with Lakeland to develop a strategic enrolment management plan. Steering and working committees were created and a three-phase plan was developed. The first phase of the plan was research, and that work began in February. The plan will be finalized in early 2025. Lakeland's fullload equivalents (FLEs) reached 2,233 in 2023-24, a seven per cent increase from 2022-23.
Collaborations With Other Learning Providers
Lakeland collaborates with numerous other secondary and post-secondary learning providers to enhance learning opportunities. Examples include:
• Collaborations with other post-secondary institutions to provide degree-completion options at Lakeland. For example, thanks to a collaboration with the University of Calgary, people interested in earning a UCalgary education degree can complete most of the program at the Lloydminster campus. Similar agreements are in place with Athabasca University to provide more degreecompletion pathways.
• Northern Lakes College offers labs for its practical nurse program at Lakeland's Lloydminster campus, with clinical placements conducted in the surrounding region. This collaboration provides local residents with valuable training opportunities, and enhances access to skilled healthcare professionals in the region.
• Collaborations with school divisions to offer career and technology studies (CTS) and dual credit courses to high school students. From April 1, 2023 to March 31, 2024, there were 143 dual credit students in nine dual credit courses and 215 students in CTS courses, including automotive, welding, interior design, electrical, carpentry and hairstyling.
• Between April 2023 and June 2024, four trades exposure camps were held at Lakeland involving 60 students from Frog Lake High School, Frog Lake Outreach School, and Kehewin Cree Nation.
• Lakeland collaborated with Onion Lake Cree Nation and Thunderchild to offer introduction to automotive courses in the summer of 2023 and spring of 2024, and introduction to welding in spring 2024 at Lakeland. Of the 26 students who completed these courses, 20 applied to Lakeland programs. In 2023, organizers noticed students struggled with self-directed entrance tests, so in 2024, a week for test prep and college life skills was added. This adjustment led to 100% test completion. Eight of the 20 students who applied did enrol at Lakeland.
• Lakeland partners with the First Nations University of Canada and Reconciliation Education to provide employees access to 4 Seasons of Reconciliation, an online course.
• Lakeland has more than 220 transfer agreements in place. During the 2023-24 academic year, nine transfer agreements were developed or renewed.
Bentley Building Rendering
Capital Report
The 2023-24 fiscal year was a busy year at Lakeland College for capital projects. Highlights include:
• Bentley Building modernization, which is phase three of the Vermilion campus revitalization, moved forward with the construction team on site in November 2023. Demolition of the north wing was done in February 2024 and work began on waterline replacement and required underground work. Schedule delays arose due to unanticipated long-lead items.
• Residence revitalization continued at both campuses. Improvements included new entry doors, steps, and siding at the Lloydminster campus, and window replacements as well as newly paved parking lots at the Vermilion campus. Work will continue in summer 2024.
• Additional projects at the Lloydminster campus included improvements to Student Services, upgrades to the heat plant, and the conversion of a former classroom into two team rooms for Rustlers Athletics.
• The Farm Master Plan was finalized in 2023, and work began on a 20-year redevelopment plan for the Student-Managed Farm Revitalization, a key student laboratory. Plans for the beef yard, equine centre, water management, and constructed wetlands were completed. With the redevelopment plan underway, the cost of the Student-Managed Farm Revitalization is being reassessed to determine a more accurate cost of the project, which has expanded in scope.
• In March 2024, a water line break at the Vermilion campus caused flooding in the Student Commons. Planning efforts began immediately to coordinate repairs with insurance and contractors, with work to be completed before the end of 2024.
Expansion
Capital Projects
Type of project and funding sources
Student-Managed Farm Revitalization
Farm Master Plan Study complete; creating a 20-year re-development plan for this essential student laboratory.
Expansion Vermilion Campus Revitalization
– Phases 4 & 5
• Student Commons
• Alumni Hall
• Academic Link (second floor)
A water line break flooded the Student Commons in March 2024. Planning underway to work with insurance and contractors to repair damages in next fiscal year.
Gov of Alberta 10% Gov of Alberta Capital Maintenance and Renewal 10% Lakeland funds
$13.3 million, Gov of Alberta 53% Gov of Alberta 47% Lakeland funds
Inflated project costs revised funding sources to increased Lakeland funds.
Financial Statement Discussion and Analysis
This financial statement discussion and analysis (FSD&A) provides supplemental information that should be read in conjunction with Lakeland’s financial statements for the year ended March 31, 2024. The FSD&A and audited financial statements are reviewed and approved by Lakeland’s Board of Governors on the recommendation of Lakeland’s Audit, Risk and Sustainability Committee. Lakeland’s financial statements have been prepared in accordance with Canadian Public Sector Accounting Standards (“PSAS”).
Comparative Figures
In 2023, the College changed its fiscal year-end from June 30 to March 31 to align with the Government of Alberta’s fiscal calendar. This change was approved by the Minister of Advanced Education in October 2022. The information included in this analysis reflects the fiscal period consisting of the 12 months ending March 31, 2024, as compared to the nine-month period ending March 31, 2023. As a result, the two periods are not entirely comparable.
Statement of Operations 2023-24 (in thousands of dollars)
The College generated an annual operating surplus of $7.3 million. The recognition of endowment contributions of $662K increased our total annual surplus to $7.9 million as the result of a significant donation.
There are four reasons for this surplus:
1. Operating revenues were higher in almost all revenue categories. Significant increases included Sales and Services and Investment Income.
2. Expenses continued to be lower in several cost categories and only slightly higher in the rest.
3. Included in our budgets were contingencies which continued to be unused. The premise of these contingencies is that unused funds are allocated to Lakeland’s Strategic Investment Fund and future operating needs.
4. The recognition of endowment contributions was higher due to gifts from donors ranging from $25K to $485K.
The operating surplus is slightly more than that of the previous year ($7.3 million vs $6.7 million), and given similar operations have occurred, there are some similarities year-over-year of the results.
Most of the revenues and expenses were in line with the previous year. The previous year saw the return of normal operations from the pandemic, and 2023-24 continued with further normalcy across the College. Enrolment numbers were slightly lower than budgeted in the Fall term but slightly higher than budgeted in the Winter term. Staffing levels and operations were similar to the previous year, with variances caused by normal vacancies and unused contingencies for labour, tuition, and residence. There was continued prudence on non-salary expenditures with most objects of expenditure coming in lower than budget.
A more detailed analysis of variances follows.
2023-24 Revenue by Source
(in thousands of dollars)
Government of Alberta Grants
Federal & Other Government Grants
Student Tuition & Fees
Sales of Services & Products
Donations & Other Grants
Investment Income
$39,143
Actual revenues of $76.9 million were $5.0 million higher than budget. The primary reasons for this were:
• The College received unbudgeted conditional grants from the Government of Alberta of $425K and slightly higher general operating grants ($123K) and other grants ($357K). This was offset by the lower realization of infrastructure and maintenance grants.
• Efforts to realize research funded activities continue to be successful. As a result, federal and other research grant income was $662K higher than budget.
• Tuition and other fees were higher by $647K, which is largely attributable to higher than budget international tuition received. Student related fees were higher due to higher application fees ($179K), and forfeiture of tuition and other student fees ($102K).
• Higher non-educational contracts – including Emergency Training Centre training contracts – of $344K.
• The $1.3 million positive variance in sales and services and products is primarily due to:
1. Higher residence and B&B revenues ($150K) reflecting higher than budgeted occupancy.
2. Sale of farm-related items (livestock, grain, feed, dairy) - $763K offset by higher feed and livestock purchases of $214K.
3. Higher general sales, admissions, memberships and barn rental of $572K. These are offset by lower revenues in event services and sales of books and goods/supplies of $301K.
• Donations and other grants were slightly higher than budget ($104K).
• Investment income was significantly higher than budget due to higher interest rates on its operating account ($598K), investment in short term vehicles, and higher interest earnings on bonds and dividend income on equities ($1.2 million). These were offset by lower realized market gains ($302K).
At March 31, 2024, Lakeland held $61.5 million in investments and $28.7 million in cash. The average interest rate for its cash held averaged over 5 per cent. Included in the cash and cash equivalents total is a $5 million redeemable GIC maturing in early 2024 with a locked in interest rate of 5.25% if held to maturity. Included in investments – non-endowment is a $10 million 1 year GIC with a rate of 6%. Interest from these sources contributed almost $700,000 for 2023-24.
The market value of investments held by CIBC at year end was $36.7 million. The market value increases related to the CIBC investments from the prior year ($33.5 million) can be attributed to the increase of equity assets, higher interest and higher dividend income.
Lakeland’s scholarship and endowment fund is managed by TD Wealth. The market value of this fund at year end was $14.8 million. The market value increase of $1.6 million can be attributed to the increase of higher interest and dividend income and an increase in value of equities.
The accumulated remeasurement gains were $2.5 million at the end of March 31. These gains will not affect income unless an analysis determines whether such gains or losses are permanent in nature.
Actual revenues were $17.5 million, or 29% higher than the prior year. The primary reasons for this were:
• There is a reporting period difference of 9 months for the previous year versus 12 months for the current year.
• General operating grants were 23.5% higher, which is in line with the period difference of 9 months versus 12 months, or three fewer months.
• Student tuition and other fees showed a slight increase year-over-year. Tuition and fees at March 31, 2023 totaled $13.7 million versus $16.9 million at March 31, 2024. Factors affecting tuition include the three extra months of tuition in 2023-24, with the April component of the winter term of $1.4 million, and May and June tuitions, primarily from Trades and Technology and Emergency Training Centre programming. There were increased tuition costs of almost 5% and slightly higher enrolment, mostly attributed to higher international student enrolments. Finally, total student fees revenues were higher in 2023-24, attributable to slightly higher fees and a higher volume of application and tuition forfeiture fees.
• Sales and services of products revenues increased by $4 million primarily due to the extra three months of activity and the variances mentioned for the current year.
• The increase in investment income of almost $1.5 million is primarily from higher interest rates for a longer period, coupled with three extra months of interest and investment income.
Government of Alberta Grants
Government of Alberta grants are the primary revenue source for Lakeland (50% in 2024 versus 53% in 2023). Note 22 to the financial statements provides a breakdown of the types of grants received from the various departments and agencies of the Government of Alberta. At March 31 the College had realized slightly higher grant dollars. Many projects that had Government of Alberta funds attached were completed in 2023-24, and thus the grant dollars had begun to be realized.
Student Tuition and Fees
The second largest source of revenue for Lakeland is student tuition and fees (24% in 2024 and 23% in 2023). As per Government of Alberta directive, tuition fee increases were limited to a maximum of 5% for the year. Increases in the future will be limited to align with the Alberta consumer price index (2024-25 tuition increases equal 2%).
The primary operational driver for Lakeland is student enrolment. Before the impact of COVID-19, the College saw moderate enrolment growth. However, mainly due to COVID-19, full-load equivalents (FLEs) dropped from 2,146 in 2018-19 to a low of 1,901 in 2020-21. Since then, FLEs have steadily increased, reaching 2,233 in 2023-24, a 7% increase from 2022-23. Note that in 2022-23, the College adjusted its enrolment reporting terms to align with the new fiscal year. The College is pleased to see enrolment levels now surpassing pre-COVID-19 numbers.
Sales of Services and Products
The next largest source of revenue for Lakeland is from sales of services and products at 15.5% (13.4% in 2022-23). Revenues from residence, bookstore, food services, campus farm, events, athletics and recreation are included here. This revenue source is highly dependent on student enrolment and activity, and, like enrolment, has begun to be realized at pre-COVID-19 levels.
Donations and Other Grants
Actual donations can fluctuate quite significantly from year-to-year, but restricted donations are not recognized as revenue until they are spent on the purpose intended by the donor. This has decreased from the prior year because a significant donation of almost $3 million was realized in 2022-23 for the purchase of additional farmland for the College. Other donation activity has been in-line with budget and the previous years’ activity.
2023-24 Expense by Function (in thousands of dollars)
Academic Support
2023-24 Expense by Object
(in thousands of dollars)*
Supplies & Services
Lakeland’s expenses totaled $69.6 million in 2023-24, $2.3 million lower than budget. Most objects of expenditure were lower with the largest dollar amount variance occurring with salaries and benefits. Expenses are presented by function in the Statement of Operations and by object in note 20. The functional breakdown of expenses shows which activities Lakeland is spending its money on. The largest functional expense category is instruction and training.
Salaries and Benefits
At 58% of total expenditures, it is the largest expense category for Lakeland. This is slightly lower than 2023 (59%). The $1.4 million variance consists of salaries at $380K (1%) lower and benefits $1.1 million (15%) lower. The variances can be attributed to the following:
1. Labour negotiations and settlements were budgeted for in 2023-24 but were not fully realized.
2. The College budgeted for vacant positions that were not filled throughout 2023 and normal vacancies occurring with employee movement.
3. Benefits were lower due to the budgeted vacancies and higher budgeted rates than actuals for benefits.
Materials, Supplies and Services
At 21%, this is the second largest expense category for Lakeland. These expenses were $500K (3.4%) lower with all categories coming in lower than budget. These include farm related expenses (-13%), supplies and services (-7%), travel (-6%), insurance (+5%), consulting fees (+10%), interest expense (+16%), professional development (-38%) and rentals (+11%). A modest portion of some of these variances can be related to timing – for example farm related expenses – however, the bulk of these expenses can be attributed to continued fiscal prudence throughout the College.
Amortization
Amortization came in $552K lower than budget. Projects and ongoing capital needs that were budgeted to be completed or received were either not completed or received or completed later than the original completion estimate. This was slightly offset by the amortization expense from the College Asset Retirement Obligation (ARO) of $10K. It should be noted due to a revision in ARO, the amortization expense for ARO for 2024-25 will be significantly higher – estimated at close to $800K.
Repairs and Maintenance
This was $87K higher than budget. Many of these categories came in lower than budget. There was an anomaly due to the asbestos abatement costs with the Bentley Building project. This had an operating expense impact of $648K on repair and maintenance costs. The savings on other repairs and maintenance helped the College absorb this impact.
Utilities
Utilities were $237K lower than budget, with slightly higher gas costs ($52K), lower power ($77K) and lower utilities (water and sewer) ($214K).
Other
There were increases in scholarships ($163K) and cost of goods sold ($167K). This was due to the number of scholarships available, and the increased sales activity from the bookstore, events, and printed materials.
Financial Position
The College incurred an annual surplus of $7.9 million aiding in an increase to the accumulated surplus from $93.5 million to $103.5 million. Accumulated re-measurement gains increased by $2.1 million due to a market value recovery in investments. As per public sector accounting standards (PSAS), market value gains or losses cannot be recognized in the statement of operations until they are realized via sale of the related investment or when permanent impairment occurs.
After consideration of all the changes to accumulated net assets from operations (also known as ‘available surplus’), as detailed in note 15 to the financial statements, with consideration of the impacts of College activity for the fiscal year, the available surplus increased from $14.6 million in 2023 to $14.8 million. It should be noted that most funds spent on future Asset Retirement Obligations will be recognized when the abatement occurs. This amount increased significantly this year ($6.7 million) due to a revision of estimate. This needs to be considered when making funds available for strategic purposes.
After the $7 million appropriation to internally restricted net assets (Strategic Investment Fund), the available surplus stands at $8.0 million. With the appropriation, the College’s internally restricted net assets will increase to $35.0 million.
Lakeland has generated modest surpluses to support the ongoing contributions to capital and operating reserves and its financial position continues to appear to be relatively healthy. Of the $103.5 million in net assets (see note 15), however, $60.6 million is not available for spending - $10.6 million relates to permanently restricted endowments and $50 million to investments in capital assets. Furthermore, approximately $13.8 million of Lakeland’s Strategic Investment Fund (internally restricted net assets) is committed to projects in progress, and approximately $6 million is currently set aside for operational capital and operating needs, as well as renovations and major maintenance. The net of $14 million is a small percentage of what is needed for future significant investment required to deal with Lakeland’s aging infrastructure, as well as further Campus and Farm revitalization.
The Government of Alberta has not provided any increase to the College’s operating grant. It has, however, continued to recognize the College’s infrastructure needs from 2021 to 2023 (Mead Building-$17.3 million), and a $13.2 million grant (received in 2023-24) for the Bentley Building at the Vermilion campus. Construction is underway, with completion planned for 2025. The Government of Alberta has also contributed Capital Maintenance and Renewal funds ($2.7 million plus $1.8 million project specific funding for 2023-24).
The opportunity to contribute to strategic investment funding will become more challenging in the future. There continues to be significant anticipated increases to expenses, including salaries and non-salary expenditures due to inflation. The College will maintain prudent financial planning and carefully manage cost increases, aiming to generate surpluses, although conservative budgets reflect modest surpluses. The College can continue, however, to be ready for projects that, if supplemented by capital grants from the Government of Alberta and possibly donations from third parties, will be sufficient to address priorities identified in its infrastructure deficit.
Net Financial Assets
Included in Lakeland’s net financial assets is $14.8 million of which $10.6 million is related to investments restricted for endowments. These are permanently restricted endowments and cannot be spent. These funds generate investment income that cannot be spent on operations, but only as intended by the donor. A more important indicator of solvency is Lakeland’s net financial assets excluding portfolio investments restricted for endowments. This was $46.7 million as at March 31, 2024.
Other significant variances on the statement of financial position:
• Cash increased by $4.6 million – primarily due to project and Capital Maintenance and Renewal dollars received and not yet spent. This has been offset in part by the operating surplus.
• Portfolio investments (non-endowment) increased by almost $13.2 million largely due to a $10 million GIC, and favourable returns on portfolio investments ($3.2 million).
• An accounts receivable decrease largely related to fewer receivables from the Government of Alberta.
• Accounts payable increased due to a significant accrual related to salary settlement expenses and vacation payable, as well as an accrued progress payment for the Bentley Building. These were offset by significant benefits payable at March 31.
• Debt decreased as no new debt was incurred and existing debt is being paid down.
• Deferred revenue increased primarily due to project funds received for capital and major maintenance but not yet spent. Much of 2023-24 was spent planning and doing the initial stages of the project, including asbestos abatement (which was expensed).
• Tangible capital assets increased with residence site improvements ($4.4 million), computers and software ($1.6million), furniture and equipment ($1.1 million), vehicles ($490K) and buildings (largely associated with Bentley Building ($6.1 million), offset by work in progress and other ($4.3 million).
• Spent deferred capital contributions increased primarily due to some project costs associated with Bentley Building being realized ($3.3 million) and costs associated with Capital Maintenance and Renewal funding ($1.6 million), and other ($700K). These are offset by amortization costs associated with unspent deferred capital contributions ($4 million).
Areas of Significant Financial Risk
Deferred maintenance, campus revitalization, modernization of classrooms and labs:
The Government of Alberta has recognized capital renewal for the College and has provided or committed over $30 million in three years for two buildings on the Vermilion Campus. This does help with revitalization needs but there is much more to do after the Bentley Building renewal is complete. The College continues to have a significant deferred maintenance deficiency. Its buildings both externally and internally, roads, and water and sewer lines are old and need significant investment to extend and/or maintain their useful life. Some of this deficiency can be funded by the province’s Capital Maintenance and Renewal grant ($2.1 million in 2021-22, $1.8 million in 2022-23, and $2.7 million in 2023-24). However, there is uncertainty as to whether these levels will be maintained in future years.
In the absence of adequate funding from the provincial government, and operating surplus reductions due to either no increases in grants - or even worse, cuts to grants - Lakeland continues to have limited options to deal with this critical issue.
Grants from the province and tuition fees:
The largest source of revenue for Lakeland is grants from the Government of Alberta. The second largest source is tuition. These two sources combined represent 75 per cent of Lakeland’s total revenue. Lakeland is exposed to significant financial risk if the Government of Alberta continues its direction of little or no increases and restrictions on tuition fee increases. Operating grants are now tied to performance indicators that are defined in investment management agreements with the province. If the College does not meet established benchmarks, the College is at risk of receiving reduced grant funding.
[Original signed by Dr. Alice Wainwright- Stewart] President and CEO
[Original signed by James Smith] Chief Financial Officer
The accompanying notes are an integral part of these financial statements.
Independent Auditor’s Report
To the Board of Governors of Lakeland College
Report on the Financial Statements
Opinion
I have audited the financial statements of Lakeland College (the College), which comprise the statement of financial position as at March 31, 2024, and the statements of operations, remeasurement gains and losses, change in net financial assets, and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the College as at March 31, 2024, and the results of its operations, its remeasurement gains and losses, its changes in net financial assets, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.
Emphasis of matter – corresponding information
I draw attention to Note 4 of the financial statements, which describes the change in fiscal year end. My opinion is not modified in respect to this matter.
Basis for opinion
I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the College in accordance with the ethical requirements that are relevant to my audit of the financial statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Other information
Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and my auditor’s report thereon. The Annual Report is expected to be made available to me after the date of this auditor’s report.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work I will perform on this other information, I conclude that there is a material misstatement of this other information, I am required to communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless an intention exists to liquidate or to cease operations, or there is no realistic alternative but to do so
Those charged with governance are responsible for overseeing the College’s financial reporting process.
Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, I exercise professional judgment and maintain professional skepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the College's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the College’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit
Classification: Public
evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the College to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
W. Doug Wylie FCPA, FCMA, ICD.D
[Original signed by W. Doug Wylie FCPA, FCMA, ICD.D]
Auditor General
Auditor General
May 29, 2024
Edmonton, Alberta
Classification: Public
Approved by the Board of Governors
[Original signed by Chair, Board of Governors]
The accompanying notes are an integral part of these financial statements.
[Original signed by Vice Chair, Board of Governors]
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.
