University of Calgary

University ends fiscal year in better financial position

UToday HomeJune 23, 2011

Dr. Elizabeth Cannon says faculty, staff and students worked together to curb spending, increase revenue, and help the university become a more efficient and well-run institution. Photo by Jason StangDr. Elizabeth Cannon says faculty, staff and students worked together to curb spending, increase revenue, and help the university become a more efficient and well-run institution. Photo by Jason StangThe University of Calgary ended the 2010-11 fiscal year on March 31, 2011 in a better financial position than had been forecast.

“This is very good news,” says the president of the university, Dr. Elizabeth Cannon. “These fiscal year end numbers show that our plan to become more financially sustainable is working. We can now project to reach our goal of establishing a five percent contingency fund earlier than we had expected.”

The improvements to the university’s financial situation are a direct result of the university community’s efforts to curb spending, increase revenue, and become a more efficient and well-run institution, says Dr. Cannon. “We would like to thank our faculty, staff and students for working together with us to address what continues to be a challenging financial situation for Alberta’s entire post-secondary education system.”

Dr. Cannon says that although the university community is clearly committed to finding efficiencies and increasing revenue wherever possible, the university’s budget models going forward project deficits beginning in 2012-13. This is because without more provincial funding, increases to salaries and other costs are expected to outstrip revenue growth. “More government investment in the post-secondary sector is needed to sustain balanced budgets into the future,” she says.

In other positive financial news, the University of Calgary has moved up in the university rankings for externally funded research from #9 to #8 in Canada. Research funding last year was $276 million, the highest since 2005 and the second-highest ever in the university’s history. The university’s endowment balance has also improved from $442 million to $497 million.