Posted on March 23: Budget process update to McMaster community

Like other Ontario universities, McMaster is preparing to face some significant fiscal challenges in the next three years. The University has always taken a prudent approach to budget planning and forecasting which traditionally serves us well for short and long term fiscal planning. Although there are challenges to be addressed, our goal is to continue to be prudent and to maintain our focus on the University's strategic goals as established in Refining Directions. The Budget Committee (a sub-committee of the University Planning Committee charged with advising the President on the annual operating budget for approval by the Board of Governors) believes that it is important to share the nature and extent of the challenge with members of the McMaster community at this early stage of the budget process. To this end, we have scheduled two public information sessions as follows: Wednesday, March 31, 1:30 to 2:30 p.m. in Council Room, Gilmour Hall-111 Monday, April 5, 1:30 to 2:30 p.m. in Council Room, Gilmour Hall-111 To set the context for the information sessions, our best estimate at this time is that aggregate revenue in 2004/05 will be a minimum of $4 million less than the amount that would be necessary to sustain operations at current levels. As a result, budget managers have been asked to prepare 2004/05 budgets based on funding allocations that will fall short of their expected increases in costs. Further, unless circumstances change markedly, the revenue shortfall is likely to be substantially greater in 2005/06 and 2006/07.

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