We are thankful to be welcome on these lands in friendship. The lands we are situated on are covered by the Williams Treaties and are the traditional territory of the Mississaugas, a branch of the greater Anishinaabeg Nation, including Algonquin, Ojibway, Odawa and Pottawatomi. These lands remain home to many Indigenous nations and peoples.

We acknowledge this land out of respect for the Indigenous nations who have cared for Turtle Island, also called North America, from before the arrival of settler peoples until this day. Most importantly, we acknowledge that the history of these lands has been tainted by poor treatment and a lack of friendship with the First Nations who call them home.

This history is something we are all affected by because we are all treaty people in Canada. We all have a shared history to reflect on, and each of us is affected by this history in different ways. Our past defines our present, but if we move forward as friends and allies, then it does not have to define our future.

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Reserves

Although there are many competing short-term demands in budget planning, the community must understand the university’s need to build reserves for unplanned and planned future needs and have general guidelines on how much to manage future expenditures. We need to move away from budget overruns and formalize contingency management. When and if the opportunity presents itself, we also need to be setting aside one-time-only revenues to stabilize our budget over the multi-year period. At the Board’s Audit and Finance Committee meeting in November 2021, the Financial Sustainability and Reserves were discussed and outlined that these monies will be used for planned future investments in large-scale repairs/replacements, the creation of a strategic pot for new priorities/equipment/infrastructure, and operating contingencies to offset unplanned negative external budget impacts.

The university’s current reserves position (Figure 7) (as of March 31, 2023) are outlined in Note 21 of the 2023 Annual Financial Statements. This represents operating funds set aside for specific purposes such as capital projects, research funds, academic priorities, digital infrastructure, and future student initiatives and excludes sponsored research and directed donations, which are treated as deferred contributions. Approximately 50 per cent ($13.2M) of the 2023-2024 forecasted reserves are linked to contractual obligations (e.g. faculty start-up funds). In addition, a working capital reserve of $6.0M (22.2 per cent of total reserves) has been set aside as a Ministry of Colleges and Universities requirement to stabilize the university’s financial position, leaving approximately $7.7M (28 per cent of total reserves) for discretionary projects.

Figure 7: University reserves by budget year
Column chart showing operating funds set aside for specific purposes. Approximately 50% ($13.2M) of the 2023-2024 forecasted reserves are linked to contractual obligations. A working capital reserve of $6.0M (22.2% of total reserves) has been set aside as required to stabilize the university's financial position, leaving approximately $7.7M (28% of total reserves) for discretionary projects.