Further to the message provided by president Sean Kennedy in early February, I am writing to provide an update on our ongoing work to develop a budget for 2021-2022 that addresses our current operational and enrolment challenges and provides financial stability as we prepare for the recovery period that lies ahead.
As president Kennedy shared last month, the scope and duration of the pandemic and its effect on our operations and enrolments means that the guiding priority behind our 2021-2022 budget process is to align our resources with our enrolment levels and modes of delivery.
Today, we learned that Niagara College will receive $6.8 million through the provincial government’s Postsecondary Education Support Fund to offset COVID-related expenses over the past 12 months, such as those related to online learning, personal protective equipment, enhanced cleaning and costs associated with public health and government measures and directives. The province’s recognition of the additional expenses related to the pandemic is welcome news, and we are still confirming the full details of this one-time funding.
Meanwhile, we remain focused on the financial impacts of our current and future enrolments and operations, which are the key drivers of our financial position. While we plan for the better days ahead, including significant increases in on-campus learning and services that we are anticipating for the Fall and Winter terms, we must also address the enrolment impacts over the past year, and the significant roll-through effects they will have into 2022.
In addition to carrying over reductions from the 2020-2021 budget, considerable review has taken place as each vice president works to ensure that the allocation of resources within their areas reflects our current realities – including program and service delivery models, service levels and enrolments that are still below pre-COVID levels. This process will identify savings in some areas and shift resources or investment in others. Areas for savings will range from non-salary and discretionary items or delays of some projects and initiatives to strict vacancy management for new and unfilled positions. Matching resources with current operations and enrolments may also impact positions where work has decreased or where there is increased need or demand.
As we have maintained throughout these challenging times, we have approached this process with a commitment to transparency, to minimizing the impact on students and our employees, and to positioning Niagara College to thrive and fulfill its important role in the post-pandemic recovery period that lies ahead. While we are in a challenging time, it is temporary in nature, and Niagara College will have a significant role to play in the economic recovery of our community and beyond.
We will also continue to leverage our entrepreneurial spirit in addressing our financial challenges, including the pursuit of new opportunities to diversify or identify new sources of revenue to offset COVID-related revenue losses. We have leveraged the financial strength with which we entered the pandemic, thanks to prudent fiscal management and investments in recent years that eliminated the burden of debt – which would have added significantly to our financial challenges over the past year. Making the right decisions now to preserve our financial stability will support our ability to regain financial strength in the recovery period.
The budget for the year ahead will be finalized in the coming weeks. Full details for the approved 2021-2022 business plan and budget will be shared in late April. In the interim, if you have questions or concerns, please reach out to your dean or director.
On behalf of the entire executive team, I extend deep thanks for your ongoing perseverance, dedication and commitment to our students through such challenging times in our work and in our lives. While it’s hard to fully imagine at times, there are much better days ahead where our NC DNA and our resilience over the past year will provide a foundation for growth and success.
