Laurentian U says it will have $8.2M surplus, faculty union still has concerns

After emerging from creditor protection earlier this year, Laurentian University says it will have an $8.2 million budget surplus for the 2023-2024 fiscal year.

“This budget represents the result of many months of planning after the university successfully emerged from the Companies' Creditors Arrangement Act (CCAA) process,” LU said in a news release Friday.

Jeff Bangs, chair of Laurentian University’s board of governors, is quoted as saying that the budget is an important milestone in the renewal of the school.

“The budget will make key investments in critical areas, prioritizing the student experience,” Bangs said.

Several key priorities were established through the budget process, LU said, including improving enrolment and rebuilding relationships with funding agencies.

“This budget enables the university to build from a financially sound foundation,” interim president Dr. Sheila Embleton said in the release.

“Operating from a surplus position ensures we have contingencies in place and minimizes risk. We are looking forward to faculty and staff renewal in order to better the student experience and promote academic excellence.”

“This budget sends a message of strength to all of our students and prospective students,” Tom Fenske, president, Laurentian University Staff Union, said in the release.

“It also helps our employees turn the corner and move further away from the difficult times we have had over the last two years.”

However, the university’s faculty union wasn’t nearly as positive. While welcoming the surplus, the Laurentian University Faculty Association (LUFA) said faculty laid off during the CCAA process were forgotten.

“We are disappointed that this latest budget downplays the concessions made by faculty members during the Companies Creditors Arrangement Act (CCAA) process," LUFA president Fabrice Colin said in a news release.

“The budget does not lay a foundation for better working conditions for faculty members and fails to consider the impact on retention and recruitment. The board of governors must do more to improve the lives of faculty members who were unfairly made scapegoats for the reckless mismanagement of the university.”

“We need to see a plan that highlights recalling our unfairly terminated colleagues,” added Colin.