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UNBC Delivers Balanced Budget

By 250 News

Saturday, June 21, 2008 03:47 PM

Prince George, B.C. - UNBC has come up with a plan to balance its deficit budget.
 
The University was short about $1 million dollars because of the 2.6% shortfall in funding from the Provincial Government.
The shortfall will be offset by allocating nearly $475 thousand from the ’07 – 08 one time surplus eliminated $60,000 in anticipated capital repayment costs, and reducing a new Strategic Investment fund from $1 million to $500,000.
 
Although the buy out for Dr. Don Cozzetto is nearly half a million dollars, the University had anticipated paying that salary and benefits over the next year so all but three months worth would have been paid out anyway. 
 
There have been no details on how the University will find the funds, or how much, an interim President will be paid. It is likely the dollars will be made up by not filling positions which are currently vacant.
 
Acting President Jim Randall says he thinks the Ministry of Advanced Education will be pleased with the balanced budget “We are bringing forth a balanced budget, that is what the province requested and that is what we are delivering.”
 

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Posted on Saturday, June 21, 2008 03:47 PM in News by 250 News

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Comments

Comment Posted by: Chester on June 21 2008 5:38 PM
Congratulations! It is a challenging and difficult time when a shakeup happens. Good time to regroup, rethink and reorganize where we are and where we are headed. Chester
Comment Posted by: onemansthoughts on June 21 2008 5:51 PM
Yes, Yes, indeed a balanced budget.
Ok, lets see now, we need 2 million, we have maybe 500,000. Oh, and the province will put in one and a half million.
That does it, we have a balanced budget
We did it again. Wow ten years in a row.
He he.
Comment Posted by: lmorg on June 21 2008 7:40 PM
Pretty Nebulous.
Comment Posted by: noddy on June 21 2008 11:27 PM
"The University had anticipated paying his salary and benefits anyway over the next year" - but won't they now also have to pay an interim pres. as well? Its an extra $500k however its worded.
Comment Posted by: Nowicki on June 23 2008 11:21 PM
The strange thing is that UNBC laid off or early retired around 40-50 staff/faculty over the past 2 years. If their salary on the average was $50,000 then there should be a $2.5 million extra budget left for UNBC compared to 2 years ago. Add the $1.5 Million extra money from BC government for this year, then you will get 4.0 millions extra budget compared to 2 years ago.

So what has happened to all this $4.0 Million money over 2 years? Even if we assume 2 Mil of it is spent on salary raises and inflation, there should be still a $2.0 Mil surplus sitting
somewhere.

BC government should be the one asking UNBC these questions.