Mount Allison's Board of Regents approved the University's 2024-25 budget on May 14 at their annual spring meeting.
The full budget document can be found on the University website at: 2024-25 Budget
A summary of budget assumptions and key facts is provided as an introduction to the detailed budget document. The operating budget reflects a $1.4 million deficit before the impact of the new federal government policy on the visa application process for international students, a decision made to limit the number of international university students in Canada.
Over the last fiscal year, improvements have been made to the University's cost structure to support learning and research activities, invest in strategic enrolment management initiatives to support continued growth in our student population, and focus on prudent financial management.
Key Assumptions:
- Enrolment is expected to increase to 2,283 from the 2,229 budgeted in 2023-24.
- The new federal government policy on the visa application process for international students is expected to reduce enrolment by 40 international students, equating to an anticipated $832,000 loss in revenue and increasing the deficit to $2.2 million
- Tuition for all students has increased by 3% domestic student tuition to $10,320 and international student tuition to $20,810.
"The University places a premium on properly supporting teaching and research activities while attaining financial stability during times of shifting economic dynamics," says Robert Inglis, vice president finance and administration. "Our approach continues to prioritize a balance between investing in new activities upholding our competitive advantage while exercising judicious cost management."
The Year Ahead
Mount Allison continues to invest in academic programs, recruitment, and student services. The ongoing need to invest in academic programs, including new offerings, as well as to invest in student services, along with key physical and information technology infrastructure continues to drive expenses. Like all universities, Mount Allison is also subject to increased operating expenses influenced by inflationary pressures.
Key investments to support excellence across academic offerings, student experience, and operations include:
Academic Programming: Mount Allison is committed to offering a high-quality academic experience with flexible, interdisciplinary study. Over the last two-three years, new programs include Computer Science and Music (Bachelor of Arts, Joint Major), and an extended range of degree options for Aviation students with the introduction of the Bachelor of Arts Aviation in conjunction with MFC Training. Experiential learning also continues to grow, with students participating in international field schools through the Global Skills Opportunity program.
Student, Faculty, and Staff Supports: Mount Allison prioritizes student success through fundraising efforts focused on financial aid, academic support, and wellness initiatives. To further our commitment to inclusivity and support, the University has introduced new resources for our community. A new position has been created specifically to provide support for Black members of our University community, including students, staff, and faculty.
Infrastructure renewal: An in-depth construction plan for the R.P. Bell Library: Centre for Innovation and Learning was announced earlier this year, including plans for an Interim Library to ensure the full suite of library services while the R.P. Bell Library is under renovation. The Interim Library's long-term purpose will be as a multipurpose athletics complex, and more details will be made available as details are finalized. Harper Hall residence will re-open for the Fall term.
Recruitment: As the landscape of recruitment continues to grow increasingly competitive both domestically and internationally, Mount Allison's focus continues to be on leveraging digital marketing to support traditional recruitment activities. Through the development of an integrated marketing strategy complete with refined audience targeting, testing, improved tracking and reporting, the University's digital marketing practice has produced a consistent increase in student applications year over year.
"This budget reflects our unwavering commitment to strategic priorities essential for fulfilling our academic mission," says Interim President and Vice-Chancellor Dr. Robert MacKinnon. "Our focus remains steadfast on providing an exceptional educational experience for both current and future students."
