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Pulling the assumptions together

The aforementioned assumptions collectively support the realization of a balanced budget for 2024-2025 using a conservative budgeting approach with an estimated $19.0M in additional revenues offsetting an estimated $14M in net new expenses in 2024-2025 and $5M of planned reserves for future requirements. Total new investments are $23M when including the impact of repurposing prior year one-time only project funds. The assumptions are conservative in nature, leading us to suggest that there is low to moderate risk associated with the 2024-2025 budget projection.

While there is higher degree of risk associated with some of the revenue assumptions (i.e. enrolment, anticipated increase to the operating grant as a result of the Blue Ribbon panel recommendations, inflation), these are counterbalanced by the setting aside of a $2.4M contingency funds to protect against some of the unknowns at this point in time.