UoGuelph departments need to find $16 million in savings

April 19, 2010

One of the key objectives of the University of Guelph's 2010-11 budget is to continue to reduce the institution's structural deficit via a 4-year plan. Initiated in 2008-09, the plan aims to find $46.2 million in cost savings/reductions by 2011-12. This year, UoGuelph departments and units are required to find $16.2 million in savings. The university continues to build a contingency fund for an anticipated solvency pension payment scheduled for August. UoGuelph requires an estimated $280 million to make up the difference between assets and liabilities in the pension fund. The pension fund is one of the biggest challenges facing the school, and the pension payment will continue to occupy a major portion of advocacy efforts, including seeking relief from Ontario government funding rules. UoGuelph Campus Bulletin | Guelph Mercury