Anyone got $2 or 3 million to spare?
This week the University of Calgary Associate Vice-president (Finance) Michael McAdam has announced the university is facing a $2.245 million shortfall for the 1995/96 academic year.
As of now, the administration has no idea where the money will come from.
The university Budget Committee has already met twice to begin tackling the problem, and will review all of the faculties' situations in January.
"The money will have to come from (cuts) in the faculties," said McAdam.
The committee will look at each faculty individually and make suggestions on where they could make do with less.
"We also know that grants will be cut by seven per cent in 1995/96, and by three per cent in 1996/97," said McAdam.
Though not approved yet, the deficit takes into consideration that tuition will be increased by the maximum amount allowed for the next year, McAdam said.
Students may be paying up to $219.40 more, on average, for their tuition next year.
"We are working with the Students' Union and the Graduate Students' Association to try and predict tuition for the next three years," added McAdam.
The $47 million has been collected through the Building on the Vision campaign and other similar efforts is not applicable to these circumstances, as they are earmarked for specific uses.
Students' Union VP (external) Andrew McElheran said "the timing of the cuts needs to be reversed" to ensure they are "student friendly as possible."
McElheran said the SU will be involved "to make sure that (the money) is not taken from places where quality of education will suffer."
December 8, 1994
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