Nipissing approves deficit budget, raises tuition

Nipissing University’s board of governors has approved the institution’s 2014–15 budget, which projects a deficit of $11,865,864. The university attributed the deficit to declining interest in the school’s education program as well as inflating costs. Richard Onley, VP Finance, said that the budget “allows for investments in student services, recruitment and program opportunities to help grow enrolment and contribute to future prosperity. We will work to minimize the deficit by continuing to exercise fiscal responsibility while striving for efficiencies. The university is not planning any major restructuring or layoffs at this time.” The budget includes a 3% tuition increase, while allocating approximately $4 million for student financial assistance in the form of scholarships, provincial bursaries, institutional financial aid, and work-study placements. These increases to student aid represent a 3.5% rise over last year’s budget. BayToday.com