Recently, we completed the budget process for the coming year, resulting in a business plan and budget that include significant investments in people, and in initiatives and ideas to move our college forward and achieve the long-term vision outlined in our new 2022-2027 Strategic Plan.
As I indicated at Day of Reflection on April 29, one of the key elements of the 2022-23 business plan is the $1 million Dream Big Fund, which will provide seed funding for initiatives to help us advance great ideas, respond to emerging needs, support additional co-curricular opportunities for our students, and spark increased levels of applied research and innovation. The Dream Big Fund is designed to help ensure that our best ideas can get off the ground and grow. I hope that this fund will allow us to say yes to new opportunities and initiatives more quickly, as we continue to distinguish ourselves provincially, nationally and globally. Watch for further details on this important initiative in the weeks ahead.
The new business plan also includes historic investments in people. Over the next few years we expect to add a record number of new people to our organization – faculty, counselling, support and administrative staff – more than 100 people – to give us additional bandwidth to support our students, our learning and service environments, and ensure that we have the resources we need to achieve our new Strategic Plan goals. More than half of these new positions will be hired this year.
As we emerge from the pandemic and look forward to the recovery period, the budget projects an enrolment close to pre-pandemic levels, with a combined domestic and international increase of 12.8% over the previous year.
Enrolment growth is supported through new programs – including new graduate certificates in Social Media Management, Business Analytics and Supply Chain Management, new online streams for Business – General and Pre-Health and a new barbering stream in the Hairstyling program – along with expanded marketing and recruitment, expanded pathways, and the diversification of international enrolment across all programs.
Diversification of revenue sources remains an important strategy for us, as we continue to leverage our expertise in contract training opportunities around the world, including Bhutan, Jamaica, Kenya, St. Lucia, St. Vincent, Chile and Peru. Through NC KSA we continue to support a need for technical education in Saudi Arabia, particularly among women, and demand remains strong for Niagara College programs delivered through our partnership with Global University Systems and the Toronto School of Management. These partnerships and initiatives bring Niagara College programs and expertise to new markets, and generate revenue that is reinvested in programs and operations at our main campuses.
As we emerge from the challenges related to COVID, we are also planning for the future. This year’s budget includes a modest surplus, which will be used to replenish reserve funds to support future capital and strategic investments and provide contingency funds that the College can draw on in response to unforeseen events.
As I’ve said at the launch of our new strategic plan and most recently at Day of Reflection, we find ourselves in a time marked by a historic set of challenges and opportunities. Like our new strategic plan, the 2022-23 business plan and budget responds to this changing environment and positions us to grow, flourish and support our students and our community.
The full business plan and budget is available online here.
