We are in the budget development stage. A staff-recommended budget will be presented to the Budget Committee in May and it is expected that the Board will approve a final budget in early June 2012.

In February and March, we are seeking input from the community about our budget, opportunities for investment and ideas about where we might find efficiencies. We would like to receive input by March 31,2012. This will allow us to use the community input in the development of the budget.

The February/March timeframe is also when we have to make decisions about academic staffing. We are contractually obligated to finalize our academic staffing for next year by the end of March. This means that we make a large part of budget decisions, those related to academic staffing, based on projected enrolment and projected revenue. Once the academic staffing is approved there is less flexibility in the remaining 40% of the budget.

In late March or early April, we expect to receive detailed information about our grant revenue for next year. Once we have this information, we can develop the final budget proposal which is presented in May.