Posted on April 3: Board of Governors meeting highlights

Highlights from the March 27 Board of Governors meeting

A financial plan for the future

The Board of Governors approved the University's 2003-04 and 2004-05 financial plans.

The operating budget framework contains specific allocations, such as $1.6 million for Refining Directions initiatives; $700,000 for library acquisitions (a 10 per cent increase in the 2003/03 library budget); a $476,000 year-over-year increase in the Quality Enhancement Fund; and $1 million to be invested in the University's technology infrastructure.

Planning and budget committees reviewed

An Ad Hoc Review Committee recommended modified terms of reference of the University's seven-year-old planning and budget committees.
The committee reported that the plan should contain specific elements, including the size of the University; the distribution of students and resources among programs; the balance of interplay between teaching and research; essential infrastructure; and an institutional commitment to inclusiveness.

Reactor reserve trust fund established

A restricted trust fund will be established to help fund decommissioning costs of the McMaster Nuclear Reactor.

The establishment of the fund and an associated financial guarantee are conditions of the recent renewal of the reactor's license by the Canadian Nuclear Safety Commission.

The recommendation is based on a business plan to generate commercial revenues to offset the costs of continued operations of the reactor. Since Senate and the Board approved a recommendation to continue operation of the facility in 1996, the finance committee has monitored the implementation of the business plan. To date, $3.4 million has been accumulated for decommissioning costs.

Continuing Education budget invests in capital

The Centre for Continuing Education 2003/04 budget was approved. The budget, which includes fee increases for some programs and courses, includes an investment in capital improvements in its location at the Downtown Centre, and carrying a deficit in its reserve account for two years.

Temporary classroom price tag approved

The final costs for the fabrication and installation of the new temporary classroom, including professional fees, service costs and furniture allocations will be $965,525, reported the Finance Committee.

The classroom will be located west of the first temporary classroom and facing Mitchell Crescent and will house two 200-seat classrooms. Construction of the facility will begin in April and it is anticipated the building will be completed in July and ready for classes in September 2003. The pre-engineered steel structure will be similar to the existing temporary classroom.

Digital Cinema Industrial Research Chair established

An Industrial Research Chair in Digital Cinema will be created in the Faculty of Engineering. The chair will help establish a high profile research program in the digital media technology industry, will train graduate and undergraduate students in new technical subjects related to multimedia and foster long-term collaborations between DALSA and McMaster.

Union agreements confirmed

The Board confirmed the decision of the Executive Committee to ratify the collective agreement between McMaster and the Service Employees' International Union, Local 532, Hospital Services Staff. It also confirmed the decision of the Remunerations Committee to ratify the collective agreement between McMaster and the teaching assistants union.