2023-24 University Budget
Mount Allison’s Board of Regents approved the University’s 2023-24 budget on May 16, at their annual spring meeting.
The full budget document can be found on the University website at: 2023-24 Budget. A two-page summary of budget assumptions and key facts is provided as an introduction to the detailed budget document.
The University is budgeting for an operating deficit of $2 million in fiscal 2023-24. Key contextual factors influencing this deficit include: an extremely competitive recruiting environment, increases in operating expenses influenced by inflationary pressures on teaching supplies, utilities, maintenance and service contracts, and the price of materials related to facilities upkeep. In this environment, our operating expenses have grown faster than operating revenues.
Key assumptions
- The budget is based on an incoming first-year enrolment of 700 new students this fall. This represents a slight increase from the previous year but is lower than last year’s budget assumption by 50 students.
- The Government of New Brunswick grant to public universities increases by 2%.
- Tuition for all students will increase by 3%. Domestic students will see an increase of $290 (to $10,015), and international student tuition increases by $590 (to $20,210).
- The residence budget reflects rising food and utilities costs and increased interest expenses. Room rates in residences and meal plan costs are also increasing to counter these rising costs and ensure a balanced budget for residence operations.
“The operating environment continues to present challenges to deliver balanced operating budgets each year,” notes Vice President, Finance and Administration Robert Inglis. “We recognize that to remain competitive we must invest in new initiatives while carefully managing cost increases.”
The Year Ahead
The 2023-24 budget approved by the Board of Regents reflects support for several strategic priorities key to our ability to deliver on our academic mission.
Recruitment: The competitive environment for recruiting students demands that we continue to look for creative and novel ways to use our available resources. As a smaller university compared to many, we have in recent years focused efforts on digital marketing. This has begun to show promise, as our applications have risen each of the past four years.
Academic programming: In the past two–three years we announced several innovative programs. Notable additions are our Health Studies program and a new B.A. degree with Aviation training - examples of programs that align with student interest and with sector employment opportunities. Experiential learning through paid internships, in partnership with many local and national employers, continues to grow.
Student Supports: Whether through providing financial aid, academic assistance, or student wellness initiatives, Mount Allison is committed to helping students thrive. Our fundraising efforts will continue to focus on these aspects of the student experience.
Infrastructure renewal: In the past year we upgraded and re-opened a small residence, and have begun the renovation of Harper Hall, which will re-open in summer 2024. On top of that, the McCormack Gymnasium has been upgraded. In-depth planning of a major renovation of the R.P. Bell Library and Archives has also begun, following federal and provincial financial commitments totalling $36 million.
“Mount Allison is committed to investing in initiatives that support the University’s academic mission and result in a positive student experience” says Provost and Vice President, Academic and Research, Jeff Hennessy, “and we will continue to do so with a renewed focus on making strategic decisions designed to support students, faculty, and staff within a framework of long-term financial sustainability.”
