The 2005-2006 University of Ottawa budget projects revenues of $602.7 million, an increase of $50.5 million or 9.2 per cent over 2004-2005.
The University will benefit from the major increase in post-secondary investments by the Ontario government, which was announced in the May budget. Operating funds are, therefore, expected to grow by $36.2 million (9.8 per cent) reaching $404.9 million. The 2005-2006 operating budget shows a small surplus of $80,000. The province will be confirming the University’s exact share of the additional funding this fall.
Some of the funds are targeted for specific initiatives and goals identified by the provincial government. The additional funds will also help absorb inflationary pressures on salaries, energy and other costs.
The University will create two funds in 2005-2006 to support new initiatives that stem from the Vision 2010 strategic planning exercise. An amount of $15.5 million is slated for a capital investment fund for construction and other capital projects, while $12.2 million is to be invested in a quality enhancement fund.
Included in the budget are a number of measures that will enhance the student experience. Since 1998, the University has created 184 tenure-track faculty positions and it intends to fill a further 65 full-time positions in the coming year.
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An additional $7.5 million will be invested in the renewal of student-oriented spaces, classroom and facilities, including major renovations in the main library and a new student lounge, located in the former premises of CHUO, which will open its doors in early fall.
Research revenues are expected to total $151.3 million, an increase of $16.8 million or 12.5 per cent over the previous fiscal year. The hospital-based research institutes are likely to attract an added $85 million in research revenues.
Ancillary operations (housing, parking, sports and community life) will generate $25 million in revenues, a $1-million increase due primarily to higher use of housing services.
Tuition fees will increase by about $2 million as the result of a projected 1.8 per cent growth in undergraduate enrolments. Bursaries and scholarships, meanwhile, will be augmented by $2.6 million to a total of $29.5 million.
On the pension front, the actuarial deficit has decreased from $24.5 million in 2004 to $8.7 million in 2005 because of higher returns on investments. Consequently, the University’s contribution to the pension plan deficit will drop from $2.5 million to $1 million annually. However, it will add $1.5 million to the pension reserve to fund a possible shortfall in future years.
