In recent years Lakeland has generated substantial unrestricted net assets in anticipation of modernizing the nine residence buildings at the Vermilion campus that were built in 1983. To date six buildings have been renovated. Two more buildings will be updated in 2010. Lakeland has requested ministerial approval to use unrestricted net assets for this project during the 2010-2011 fiscal year. Looking beyond 2010-2011, Lakeland anticipates its expenses will exceed revenues. To maintain its current level of service Lakeland will either need further financial assistance from the Government of Alberta or need permission to run a deficit budget. If neither occurs, cuts to services and/or programs will be required to balance the budget.
2010 - 2014 Business Plan
Budget
Key budget assumptions: • Alberta government grants will decrease 3.2% in 2010-2011. • Tuition will increase 1.5% from 2009-2010 rate. • Full load equivalents will increase 0.5%. • Revenue from fundraising will not increase. • Base funding support to ancillary operations will remain the same. • Residence rates will increase 4%. • Employees won’t receive a cost of living salary increase but will receive salary step increases based on years of service.
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