After the Budget Book was approved by the Board of Governors on April 28, the McGill Reporter sat down with Provost Anthony C. Masi to talk about Budget FY2015, reinvestment, funding our priorities and McGill’s financial future.
How would you summarize McGill’s budget for fiscal year 2014-2014 (FY2015)?
Remember that the Budget Book presents a plan to support and advance our University’s mission and goals. The allocations start with FY2015 but extend over the subsequent four fiscal and academic years to 2019.
In order to reach our goals, FY2015 outlines several proposed actions:
• controlling our general expenses based on measures introduced in the last fiscal year
• spending extended to top priorities: academic renewal and student support
• meet current commitments to increase salaries
• manage our resources carefully and efficiently
• provide incentives to units to diversify revenues, in line with our values and mission.
If current revenue assumptions hold and we follow the plan outline in Budget Book FY2015, McGill will be in a solid position to address our existing financial challenges and still have some funds to dedicate to our essential strategic priorities. The unknown factor that could change dramatically is the level of reinvestment that the Provincial government will make. Once we have more complete information, it may be necessary to revise the FY2015 budget with an addendum.
Read more in the McGill Reporter.
May 22, 2014