St. Thomas University Sets Operating and Ancillary Budgets for 2021-22
St. Thomas University’s Board of Governors has approved the operating, ancillary, restricted funds, and capital budgets for 2021-22. The budget recommendations were developed in consultation with an advisory committee with representation from faculty, staff, students, and administration.
For fiscal year 2020-21 recently ended, the University is projecting a deficit of $305,900 in the General Operating Fund before inter-fund transfers to cover the deficit. For 2021-22, the Operating Budget reflects a deficit of $408,800 before the transfer of $410,000 from certain restricted funds for an excess of revenues over expenses (i.e., net surplus) of $1,200 after inter-fund transfers. As stated in previous Budget Summary Reports, the extensive use of certain restricted funds is a short-term solution to our fiscal challenges.
Highlights of the General Operating Budget include:
- A budget of $31.9M in revenues and $32.3M in expenditures.
- The provincial operating grant of $12.9M and the fiscal transfer to UNB of $2M total $14.9M, while tuition and fees are $15.6M.
- A projected enrolment of 1,834 translates to 1,776 fee-paying students after normal adjustments (e.g., in-year attrition).
- A planned transfer of $400,000 in restricted capital funds received from the Provincial Government to Operations. PETL has advised universities that this type of transfer is permitted for 2021-22 due to COVID-19.
- Academic expenses total $18.3M and Administrative and General expenses total $5.3M.
The Ancillary Services Budget for 2021-22 reflects an estimated surplus of $7,100, after principal payments on long-term debt of $301,000. This break-even budget is a significant improvement compared to 2020-21 where we are forecasting a deficit of $1.5M (before principal payments of $180,000 on long term debt) as residence occupancy was minimal due to COVID-19.
For further information, see the Budget Summary Report 2021-22.
Tuition, Fees, Residence, and Meal Plans
The overall goal is to achieve a balanced budget while maintaining the quality of education and financial sustainability of the university. Based on these factors, a 5% tuition increase for 2021-22 was approved for domestic and international students in the Bachelor of Arts and Bachelor of Education programs, while all university mandatory fees determined by the University (e.g., technology and facility fees) will remain the same. The Board also established tuition fees for the new undergraduate Bachelor of Social Work and the new Masters of Social Work.
Previously approved rates for residence rooms represent a 1% (double room) and 6% (single room) increase. Meal plan rates reflect an increase of 2.5% due to increasing labour, food, and other costs.
For further information, see Tuition and Fees.