2020-2021 NWC Business Plan

Page 58

I. 2020-21 BUDGET NWC is projecting an operating deficit of approximately $35K for 2020-21. Given the uncertainty regarding the 20-21 fiscal year resulting in a reduced program plan, staffing compliment and reduced travel budgets, a balanced budget was still not possible. The College sees increased costs relating to investment in technology and facilities as the College works to reduce barriers and provide safe, cleaning working and learning environment. The health and safety of our staff and students is of the utmost importance as we enter into a blended delivery model this next year. The College will continue to implement mitigation strategies throughout the year to reduce the deficit. These strategies include vacancy management and further reductions to travel and operations budgets where possible. PART A. Projected Business Financial Statements and Key Assumptions NWC develops a financial plan that supports our strategic objectives and priorities for the present and future years. The financial plan is based on needs, strategic direction, and stewardship to ensure that NWC remains accountable to our students and to the communities we serve. The financial plan is based on estimates of revenues and expenses made on the basis of available information. Some estimates can be made with a fair amount of certainty. However, external factors such as enrollment levels, negotiations with third parties, and the economy have caused a degree of uncertainty. Overall, we are confident that our financial projections maximize the provided funding. This plan supports the achievement of strategic goals of the College and the Government of Saskatchewan.

NORTH WEST COLLEGE 2020-2021 BUSINESS PLAN

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