At its March 23 meeting, NSCAD University’s Board of Governors approved the proposed budget for the university for 2023-2024.
The NSCAD budget sets out spending priorities for 2023-24. It is voted upon by members of the Budget Advisory Committee and Board of Governors, which include student, staff, and faculty representation. The Committee and NSCAD’s senior leadership team remain committed to working together to identify efficiencies and support student success.
The budgeted revenue for the year is $20.2 million and budgeted expense is $21.3 million.
Key Points from the budget
• Tuition rate increases of 3% domestic and 3% international
• Budgeted enrollment increases of 5% for domestic students and 8% for international students
• Continued investment of $50,000 to advance strategic initiatives through the EDI Targeted Action Plan (TAP)
• Investment of $50,000 to advance strategic initiatives developed through the NSCAD Accessibility Plan
• Supports for students totalling $1,413,000, an increase of 14% and $172,000 over the prior year
• Additional funding for mental health supports through grant funding with OCAD University’s Mindful Campus Initiative
• Rental income increased over prior year, continued increased commercial rental activity. Current vacant spaces expected to be rented mid-year
• Budgeted step and COLA increases for all staff and faculty of $375,000
• Academic studio expenses increased 4% to cover effect of inflation
To balance the budget, a total of $1,074,959 will be sourced from the university’s operating reserve, allocating $744,959 for the current year’s deficit and $330,000 for the investment in advancement department expenses, in preparation for the Comprehensive Campaign.
NSCAD’s deficit increased with the conclusion of a provincial facility grant for the Fountain mortgage in March 31, 2022 by a net amount of $700,000, creating an annual unfunded deficit. This grant had been used to offset Fountain Campus mortgage and assist with deferred maintenance at the Fountain Campus. Although the mortgage is paid and we no longer have that expense, we still have significant deferred maintenance of over $30 million on our campuses.
Although there are many challenges to face, NSCAD is building a foundation for change that will take us through the next five years. The NSCAD Budget serves as a roadmap for strategically allocating all the university’s revenues against anticipated expenses.
This foundation will keep us focussed for the next few years as we continue to pivot and steer the University to achieve financial stability and equitable student success.