McMaster budget update

The McMaster Board of Governors received a budget update at this morning's (Thursday's) meeting. The Board was informed that McMaster's projected ongoing structural deficit has increased and is currently estimated to grow to $20 million in 2007/08.

“The structural deficit is a significant and growing problem that must be addressed,” said acting provost Bob McNutt who updated the Board. “McMaster isn't alone in facing a financial challenge. It's something that many universities are tackling but we need to find specific McMaster solutions that will allow us to continue to renew faculty, develop innovative programs that meet student needs, and continue to strengthen our research expertise.”

The University is working on a multi-faceted strategy and will have the details in place early in the new year. According to McNutt the strategy will be a blend of cost savings and new revenue opportunities. He also stressed the need for a review of how resources are allocated across the University.

“We're going to be looking for a lot of input from people across the University as we move forward,” he says.

More details of the strategy McNutt presented to Board can be found here.

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The McMaster Board of Governors received a budget update at this morning&#039;s (Thursday&#039;s) meeting.  The Board was informed that McMaster&#039;s projected ongoing structural deficit has increased and is currently estimated to grow to $20 million in 2007/08.<br />
<br />
<p>"The structural deficit is a significant and growing problem that must be addressed," said acting provost Bob McNutt who updated the Board.  "McMaster isn&#039;t alone in facing a financial challenge.  It&#039;s something that many universities are tackling but we need to find specific McMaster solutions that will allow us to continue to renew faculty, develop innovative programs that meet student needs, and continue to strengthen our research expertise."<br />
<br />
<p>The University is working on a multi-faceted strategy and will have the details in place early in the new year.  According to McNutt the strategy will be a blend of cost savings and new revenue opportunities.  He also stressed the need for a review of how resources are allocated across the University.  <br />
<br />
<p>"We&#039;re going to be looking for a lot of input from people across the University as we move forward," he says.<br />
<br />
<p>More details of the strategy McNutt presented to Board can be found  <a href="http://www.mcmaster.ca/ua/opr/reports/December%20budget.pdf" target="_new">here</a>.<br />

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