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.
CTVNews.ca Top Stories
Asking rent prices up 9.3% across Canada, Ontario sees only decline: report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.
WATCH Expecting an interest rate cut in June? Don't bet on it after new jobs data
Canada's labour market rebounded in April, adding more than 90,000 jobs, a staggering number of new positions after four consecutive months of little change.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Prince William says wife Kate is 'doing well'
Prince William said on Friday his wife Kate was 'doing well' in a rare public comment about the Princess of Wales as she undergoes preventative chemotherapy for cancer.
'Irate male' assaulted Newfoundland officers with block of cheese, police say
Police in Newfoundland say patrol officers were assaulted Thursday by a "very irate male" wielding a block of cheese.