Welcome to the Budget Corner, your source for the latest information on McGill’s finances. Click on the links below to get the details on each story.
While McGill’s cost-cutting measures will remain in place, staff salary commitments will be honoured and work will soon begin to modernize McGill’s buildings and IT infrastructure, Provost Anthony C. Masi told Senate in his annual budget presentation on April 22. Get the full story.
Including significant spending on university-level research in the latest federal budget brought Finance Minister Joe Oliver (BA61/BCL64) praise from senior McGill administrators, including Principal Suzanne Fortier. Read more here.
On March 26, Quebec’s Minister of Finance, Carlos Leitão, tabled the provincial budget. The budget is Quebec’s first balanced budget since 2008, but it represents a reduction in total allocations to universities and CEGEPS of some $100 million. Provost Anthony C. Masi comments on what this new economic reality means for McGill. Read the full statement.
Provost Anthony C. Masi gave Senate an overview of McGill’s financial situation on Feb. 18, that predicts budget cuts of 2 to 3 per cent on average for academic and administrative units, respectively, and a deficit in the next fiscal year of about $14 million. Read more here.
On Nov. 12, Quebec’s universities and CEGEPs were hit with that new round of cuts, amounting to $31.6 million. McGill’s share is close to $5 million. Provost Anthony C. Masi talked to the McGill Reporter about this development, and the University’s ongoing underfunding situation. Read more here.
It is estimated that almost half of all Quebecers don’t have an employer-sponsored pension plan. For those who do, pension deficits are a hotter topic. Deficits everywhere have rapidly accelerated over the last decade or so, and they have spiralled since the 2008 financial crisis. John D’Agata, McGill’s Director Pensions & Benefits, sits down with The Reporter to answer our questions about what makes or breaks a pension deficit. Get the full story here.
Imposing a hiring freeze for administrative staff at the University will help McGill to keep its promises and meet its obligations with regard to salary increases, while still respecting the provincial government’s demand that universities trim their administrative salary mass, Provost Anthony C. Masi told Open House forums on McGill’s financial situation held Oct. 27. Read more here.
For an update on McGill’s financial situation, click here.
McGill had prepared for more Quebec budget cuts, Fortier tells Senate
Because McGill had already anticipated another round of funding cuts from the Quebec government, the University is well placed to weather this next round of spending reductions, Principal Suzanne Fortier told Senate on Sept. 17. Get the full story here.
May 13, 2014: Budget FY15 – What you need to know
Budget Book FY2015 was approved by the Board of Governors on April 29. Click here for an overview of highlights.
April 24, 2014: Masi presents highlights of McGill’s budget for fiscal 2014-2015 to Senate
In light of continued funding uncertainty, McGill must preserve what it has achieved over the last year, Provost Anthony C. Masi told Senate on April 23. His presentation was the last of three updates on McGill’s budget planning in the run-up to the Board of Governors’ April 29 final approval of the budget for fiscal 2014-2015 (FY2015). Read the article here.
Feb. 24, 2014: ‘We must break even in the next fiscal year,’ Masi tells Senate in update on budget planning
As the 2014 fiscal year draws to a close in April, the University’s financial planning for next year, as well as its forecast to 2019, is taking concrete shape, Provost Anthony C. Masi told Senate on Feb. 19, in the second of three updates on McGill’s budget. Get the full story here.
Dec. 5, 2013: Financial update
On Dec. 4, Provost Anthony C. Masi and VP Administration and Finance Michael Di Grappa updated Senate on the financial state of the university, the forecasts for this current fiscal year (FY2014), and thoughts on preliminary budget planning for FY2015.
• “We are on the right track”, Di Grappa and Masi tell Senate. Read the full story here.
• Full Presentations:
o Annual report on the financial state of the University, by Michael Di Grappa, VP (Administration and Finance)
o Budget Report 1, by Provost Anthony C. Masi
Sept. 5, 2013: Masi on budget cuts
To get an update on the McGill’s financial situation, The Reporter asked Provost Anthony C. Masi to answer four questions on the response to McGill’s plan to cut $43.5 million from its operating budget. Read the full story here.