Financial update at Loyalist board of governors meeting
BELLEVILLE – An updated report on Loyalist College’s finances will be given at the Loyalist College Board of Governors meeting on Thursday.
Cathy Rushton, the college’s senior vice-president of corporate services, will deliver the update on the college’s financial situation up to Sept. 30.
Loyalist College had some financial difficulties last year as it ran a $3.6 million operating deficit – $1.1 million more than originally planned for.
A summary of Loyalist College’s finances for the past three years. After running deficits the past two years, the college plans to return to a balanced budget in 2015-16. Photo courtesy of Loyalist College
This prompted the college to make a number of changes in an effort to save money.
The changes include reducing staff, closing Loyalist Certification Services (a business the college owned that offered certification for information-technology operations) and restructuring parts of college management. The college also suspended three low-enrolment programs: Graphic Design, Broadcast Engineering Technology and Advertising and Marketing Communications.
The result of these efforts was the college forecasting a balanced budget in the 2015-16 year.
QNet News will be reporting from the board of governors meeting.
More to come.
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