Annual financial planning, including development of detailed annual budgets for the university’s teaching, learning and support operations, takes place between September and March each year to align with the academic programming timelines. This process includes participation from leaders across the university to develop budgets required to support the operations and priorities within their responsibility centres (colleges, schools and administrative units).
These budgets are reviewed and approved by the respective Deans and unit leaders and submitted to the President, Provost and VP Finance and Resources for approval. These responsibility centre budgets are integrated into the comprehensive budget presented for approval to the University of Saskatchewan Board of Governors.
May 1, 2021 – April 30, 2022
Key Revenue Assumptions
GOVERNMENT OPERATING GRANT
In a multi-year funding memorandum of understanding (MOU), the Province of Saskatchewan has communicated a stable (0% escalation) operating grant for 2021-22 to 2024-25. The 2021-22 operating grant, the first year of the four-year multi-year funding model, is $285.7M, which includes the first year of a two-year temporary funding allocation of $15.5M.
TUITION AND STUDENT FEES
The budgeted comprehensive 2021-22 Tuition and Student Fees of $183.6M is informed by two key assumptions:
increase in undergraduate students
increase in graduate students
average rate increase for domestic students
average rate increase in international undergraduate students
average rate increase in international graduate students
The 2021-22 budgeted comprehensive investment Income of $43.6M is based on 10-year annualized projected returns for the University’s trust and endowment pools.