Memorial’s Board of Regents today approved the university budget as proposed by senior administration.
The budget includes a three-year plan for $13.5 million in additional expenditure reductions across all university operations. This is the sixth consecutive year that the university’s budget has included base budget reductions.
The budget includes a continuation of the tuition freeze for Newfoundland and Labrador students, a commitment to no tuition fee increase for all current students until fall 2021, a planned tuition increase for new non-Newfoundland and Labrador students starting in 2018, and the implementation of two dedicated fees for student services and campus renewal.
“Throughout our consultative budget development process, which included meetings with all four student unions, a special Senate meeting and a budget town hall, we heard from the university community and took their various points of view into consideration to arrive at this budget plan,” said President Kachanoski.
“We thank all members of the university community for their thoughtful input. We believe the resulting university budget is balanced and appropriate given the current fiscal constraints, but also sensitive to the needs and concerns of our students.”
The budget package approved by the Regents provides certainty for current students about the cost to complete their degree programs, directs the university to further reduce expenditures, and generates vital revenues designated to maintain support services to students and the necessary renewal of the physical and technology infrastructure on all campuses. It also allows future students choosing to study at Memorial starting in fall 2018 to plan accordingly.
The university administration also committed to provide more detailed financial information on revenues and expenditures online.
Specifically, the budget includes the following:
- Multi-year expenditure reductions:
- Total annual expenditure reduction of $6 million in 2017-18, cumulating to total annual expenditure reductions of $13.5 million by 2019-20
- Effective: April 2017
- Continued tuition freeze Newfoundland and Labrador students
- Current non-NL students will be maintained at current tuition rates until fall 2021 to allow for completion of their programs
- Tuition increase effective fall 2018 for new non-N.L. Canadian students and for new international students:
|Level||N.L. and all current Canadian students||New non-N.L. Canadian
|Undergraduate||$2,550||$3,315||$11,440 (was $8,800)|
|Master’s (Plan B)||$1,896||$2,465||$3,206 (was $2,466)|
|PhD||$2,664||$3,463||$4,497 (was $3,459)|
- Student services fee:
- $50 per semester per student
- Effective: September 2017
- Purpose: maintain services to promote student success and well-being
- Campus renewal fee:
- $50 per credit course for undergraduate, diploma and certificate programs
- $167 per semester for graduate programs
- Effective: September 2017
- Purpose: support revitalization of physical and technological infrastructure
For more information about the university’s budget planning, visit the website.