By Mark Ordonselli
Provost Anthony C. Masi gave Senate an overview of McGill’s financial situation on Wednesday that predicts budget cuts of 2 to 3 per cent on average for academic and administrative units, respectively, and a deficit in the next fiscal year of about $14 million.
For the current fiscal year, which ends April 30, McGill’s finances are in relatively good shape, Masi said. That’s largely thanks to cost-cutting measures implemented last fall, and to a $15-million contingency fund set aside last April in case the provincial government made deeper cuts to post-secondary education spending.
“We took some bitter medicine when we did the first round of cuts” last year, Masi said, but because of this approach, McGill’s FY2015 operating deficit is likely to be roughly $7 million – still not a balanced budget, but impressive, given the $20-million in mid-year cuts imposed by the Quebec government.
Read more in the McGill Reporter.
February 23, 2015