UVic Budget Framework Focuses on Future Growth
The University of Victoria’s board of governors today approved a 2007/08 budget framework that provides increased resources for the growth of quality undergraduate and graduate student programs, student recruitment, student financial aid and library resources. The balanced budget framework is based on UVic’s priorities for the next three years as identified in the university’s renewed strategic plan, passed by the board at the end of January.
The 2007/08 budget framework is based on a projected operating budget of $267.6 million which includes a provincial grant of $149.8 million, an increase of $9.4 million from 2006/07. In addressing its leading priorities, UVic will invest $3 million towards the growth of academic programs and the services required to support them, and $1.5 million in graduate and undergraduate student financial aid, ensuring the university remains a national leader in student financial assistance.
The budget framework is based on a projected growth in the coming academic year of 212 full-time equivalent (FTE) undergraduate student positions and 135 FTE graduate student positions, for a total funded equivalent enrolment of 15,619 full-time graduate and undergraduate students — an increase of 347 FTEs over 2006/07. The framework contains a 1.8 per cent increase in tuition fees, established by the inflation rate set by the BC Consumer Price Index. The increase brings annual domestic arts and science undergraduate tuition to $4,491 from $4,412. Domestic graduate annual tuition rises to $4,664 from $4,582, effective May 1.
The increase in graduate student spaces is an initiative funded by the provincial government in recognition of the important role graduate students play in research, teaching and economic development.
“While this budget framework covers the coming year, it positions UVic for the future as well, by allocating resources to the strategic areas that deserve and require both our immediate and long-term attention,” says UVic President David Turpin. “This framework provides for additional students, and makes resources available to ensure all students have a high-quality educational experience both in and outside of the classroom.”
The framework allocates an additional $300,000 for library acquisitions, $200,000 for research information systems and, in recognition of the need for additional revenue sources for UVic to achieve its academic and research goals, $200,000 to support fundraising for the university’s priority areas including student scholarships and bursaries. The university’s efforts to recruit and retain outstanding faculty and staff receive an additional $190,000 to promote UVic’s success in an increasingly competitive environment, while $200,000 more is allocated to student recruitment initiatives aimed at attracting the best graduate and undergraduate students to the university.
The budget framework includes modest increases in child care, housing and parking fees. Revenue from parking funds the highly successful transportation demand management (TDM) program, which has led to a 30 per cent reduction in traffic to campus over the past 10 years—despite a 15 per cent growth in the student population.
Through careful financial management, UVic is able to allocate $5.8 million for 2007/08 to provide for growth, quality improvements and its strategic initiatives.
The 2007/08 budget framework is based on a projected operating budget of $267.6 million which includes a provincial grant of $149.8 million, an increase of $9.4 million from 2006/07. In addressing its leading priorities, UVic will invest $3 million towards the growth of academic programs and the services required to support them, and $1.5 million in graduate and undergraduate student financial aid, ensuring the university remains a national leader in student financial assistance.
The budget framework is based on a projected growth in the coming academic year of 212 full-time equivalent (FTE) undergraduate student positions and 135 FTE graduate student positions, for a total funded equivalent enrolment of 15,619 full-time graduate and undergraduate students — an increase of 347 FTEs over 2006/07. The framework contains a 1.8 per cent increase in tuition fees, established by the inflation rate set by the BC Consumer Price Index. The increase brings annual domestic arts and science undergraduate tuition to $4,491 from $4,412. Domestic graduate annual tuition rises to $4,664 from $4,582, effective May 1.
The increase in graduate student spaces is an initiative funded by the provincial government in recognition of the important role graduate students play in research, teaching and economic development.
“While this budget framework covers the coming year, it positions UVic for the future as well, by allocating resources to the strategic areas that deserve and require both our immediate and long-term attention,” says UVic President David Turpin. “This framework provides for additional students, and makes resources available to ensure all students have a high-quality educational experience both in and outside of the classroom.”
The framework allocates an additional $300,000 for library acquisitions, $200,000 for research information systems and, in recognition of the need for additional revenue sources for UVic to achieve its academic and research goals, $200,000 to support fundraising for the university’s priority areas including student scholarships and bursaries. The university’s efforts to recruit and retain outstanding faculty and staff receive an additional $190,000 to promote UVic’s success in an increasingly competitive environment, while $200,000 more is allocated to student recruitment initiatives aimed at attracting the best graduate and undergraduate students to the university.
The budget framework includes modest increases in child care, housing and parking fees. Revenue from parking funds the highly successful transportation demand management (TDM) program, which has led to a 30 per cent reduction in traffic to campus over the past 10 years—despite a 15 per cent growth in the student population.
Through careful financial management, UVic is able to allocate $5.8 million for 2007/08 to provide for growth, quality improvements and its strategic initiatives.
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Media contacts
Patty Pitts (UVic Communications) at 250-721-7656 or ppitts@uvic.ca
