I am writing to share that our Business Plan and Budget for 2021-2022 has been finalized.
Our budget has been balanced through a college-wide process that aligned our resources with our current and projected enrolments and modes of program and service delivery as we look ahead to a year of transition: to a gradual return to increased on-campus classes, labs and activity as well as a new strategic plan that will serve as our guide as we write the next exciting chapter of our college’s history.
Our Business Plan for 2021-2022 outlines a set of goals that reflect the significant role that our college will play in the recovery period and ensure a learning environment and workplace that will position Niagara College to lead in the post-pandemic era. This includes investments in enhanced digital capacity and expanded programs to address key labour market needs, while strengthening our focus on diversity and inclusion, along with the development of a renewed, post-COVID mental health and wellness strategy.
We have also continued to leverage our entrepreneurial spirit in addressing our financial challenges over the past year and in looking ahead to 2021-2022, including the pursuit of new opportunities to diversify or identify new sources of revenue to offset COVID-related revenue losses. The Business Plan for the year ahead includes an updated partnership strategy, locally and globally, to enhance our brand and to expand opportunities for students.
The budget has been developed with the planning outlook that as conditions improve and vaccination strategies unfold, restrictive measures will be slowly relaxed, and is based on a continued mix of remote and hybrid programs for the Spring Term, increased on-campus program and service delivery in the Fall, and an assessment of programs and services for a full return to campus in Winter 2022. While the return of the Spring term intake and planned increases in on-campus activity for Fall and Winter have resulted in enrolment increases over last year, both international and domestic projections still fall below pre-COVID levels. This year’s budget includes strategies to mitigate enrolment risk, including innovation in program and service delivery, and expanded market access through diversified marketing and recruitment activities.
While the past 14 months have been challenging for us from a budget perspective, we had the benefit of entering the pandemic from a solid financial position thanks to responsible fiscal management and the strategic investments of previous surpluses to fund capital projects, allowing us to enhance our learning environments and expand capacity without incurring debt. In late March, the College also received one-time funding from the provincial government to help cover COVID-related expenses incurred between last July and this coming June. This unexpected funding will help to ease cost pressures in the first quarter of this budget year as we continue to navigate the third wave of the pandemic; increase bursaries and other supports for students; and help to reduce last year’s deficit.
As you know, fluctuations in enrolments and program and service delivery have resulted in staffing reductions in some areas, driven by our current operational needs. As we look ahead to increased on-campus activity in the Fall and Winter terms, we look forward to welcoming our colleagues back and filling vacant positions as our operations gradually return to normal and the affected work resumes.
The Business Plan and Budget for 2021-2022 reflect my message for all of you: There are much better days ahead, and they will be a time for our college to flourish, succeed and lead. I continue to be grateful for – and inspired by – the resilience and dedication of the Niagara College team, as we’ve all experienced unprecedented challenges in our work and in our lives. The perseverance, ingenuity and NC DNA that you have modelled through the most difficult period in our college’s history will serve as our foundation as we build and pursue our new long-term vision.
The 2021-2022 Business Plan and Budget is available online at www.niagaracollege.ca/businessplan.
