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
Trump fined US$1,000 for gag order violation in hush money case as judge warns of possible jail time
The judge presiding over Donald Trump's hush money trial has fined him US$1,000 for violating his gag order and sternly warned the former president that additional violation could result in jail time.
The story of how a B.C. man found his birth mother
After his adopted parents died, Dave Rogers set out to learn more about his birth mother. DNA results and a little help from friendly strangers would put him on a path to a small town in England.
When grief and AI collide: These people are communicating with the dead
AI tools can offer recommendations, answer questions and 'talk' with users. But some users are using them to recreate the likeness of the dead.
Spike in 'violent rhetoric' since Oct. 7 attack from 'extremist actors,' CSIS warns
The Israel-Hamas war has led to a spike in 'violent rhetoric' from 'extremist actors' that could prompt some in Canada to turn to violence, the Canadian Security Intelligence Service warns.
Italy's white-collar mafia is making a business killing
Italy's mafia rarely dirties its hands with blood these days. Extortion rackets have gone out of fashion and murders are largely frowned upon by the godfathers.
WestJet, mechanics union agree to tentative deal to avoid strike
A potential strike between WestJet and its mechanics union appears to have been avoided.
Russia announces nuclear weapon drills after angry exchange with senior Western officials
Russia plans to hold drills simulating the use of battlefield nuclear weapons, the Defense Ministry announced Monday, days after the Kremlin reacted angrily to comments by senior Western officials about the war in Ukraine and Moscow warned that tensions with the West are deepening.
Summer forecast: What to expect as El Nino weakens
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Actor Bernard Hill, of 'Titanic' and 'Lord of the Rings,' has died at 79
Actor Bernard Hill, who delivered a rousing cry before leading his people into battle in 'The Lord of the Rings: The Return of the King' and went down with the ship as the captain in 'Titanic,' has died.