Government of Alberta grants Government of Alberta grants continued to represent the largest component of the college’s funding, at 58 per cent. These grants were $779,000 higher than budgeted, and $386,000 higher than the prior year. The year-toyear change was attributable to an increase in grants for targeted programs, while the budget-to-actual increase was due to unbudgeted revenue.
Federal and other government grants Federal and other government grants comprised three per cent of all funding received, and increased by $234,000 over the prior year primarily due to the recognition of research funding.
Student tuition and fees
all revenue, and were slightly lower than budgeted. Sales of services and products experienced a $644,000 decline from the prior year – this decrease was primarily due to the performance of fewer contract services.
Investment income, donations and other grants Comprising two per cent of all revenue, investment income was $872,000 higher than expected due to better-thananticipated market returns, and $269,000 higher than the prior year due to higher realized investment gains. Revenue from donations and other grants made up two per cent of all funding, and was generally consistent with the prior year, but was $582,000 better than budgeted amounts. This increase is attributable to an effective fundraising campaign.
Student tuition and fees made up 19 per cent of all revenue for fiscal 2014-2015. These fees were $872,000 higher than budgeted, and $636,000 higher than the prior year due to strong enrolments.
EXPENSE
Sales of services and products
Expenses can be expressed both by function (i.e., by purpose) as well as by object (i.e., by type).
Sales of services and products represented 16 per cent of
Expenses totalled $63.8 million in 2014-2015, which represented a modest increase of $573,000 over the prior year, and a decrease of $1.2 million from the budgeted amount.
Lakeland College
Annual Report 2014-2015
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