The 2019-20 provincial budget today confirmed the third year of a three-year forecast of cuts to Memorial University’s base budget. The budget did not contain any additional cuts.
The total operating grant from government (not including the Faculty of Medicine) is $1.6 million less for 2019-20 than it was in 2018-19. This net reduction is the result of a $4-million increase in the line item earmarked to maintain the tuition freeze for Newfoundland and Labrador students, and reductions of $5.6 million in the base budget. These anticipated reductions are being addressed through savings from the Voluntary Retirement Program implemented in 2018. Work continues with government to address the ongoing pension funding issue.
In May 2017, the Board of Regents passed a three-year budget plan to address the forecasted cuts. In terms of next steps, work will continue to finalize the university’s 2019-20 budget for consideration by the Board of Regents and a further update will be provided after the next board meeting on May 9.