business plan & annual budget 2014–15

A L G O N Q U I N C O L L E G E

Business Plan & Annual Budget2014–15

PRESIDENT’S LETTER

Dear Colleagues,

I am honoured to present to the College community the 2014-15 Business Plan and Annual Budget, the result of a maturing process aimed at ensuring all stakeholders feel engaged and consulted in the setting of the institution’s annual priorities. Changing client expectations, shrinking government funding, shifting demographics, and the rise of competitive alternatives will continue to place a heavy emphasis on the need for transformation, both across the sector and at Algonquin.

Fortunately, the College has a long history of adapting to the changing needs of the marketplace. As an example, Algonquin was the first Ontario college to embrace the use of technology, realizing early on that investments in IT had the unique ability to improve access, increase quality and lower costs. This willingness to lead has been a hallmark of the institution, and the skills and culture that have allowed Algonquin to be an early adopter in so many areas will become increasingly more important in the years ahead.

The initiatives detailed and funded in our 2014-15 Business Plan and Annual Budget continue the efforts begun over the last few years to broaden the markets we serve and prepare ourselves for the ongoing transformation of higher education.

This year, the College Leadership Council identified four areas of particular priority;

•StudentSuccessandRetention •International •Digital •EmployeeEngagementandInnovation

Student Success and RetentionThe greatest effort and investment in this year’s business plan and budget is focused appropriately on enhancing our commitment to applied education and student success. To ensure the entire college community is aware of the academic directionsbeingset,eachSchoolandInstitutewilldraftandsharetheirrespectivevisionandbusinessplan.2014-15will also continue our efforts to make available work-integrated learning (WIL) activities to all interested full-time students, expanding co-ops, internships, placements, applied research and volunteer opportunities.

The coming year will also see the College make significant investments in both academic equipment and new facilities. Renewedeffortsonthefundraisingfrontwillbematchedbyarequesttouseasmallportionofthecollege’saccumulatedsurplustoenabletherepatriationoftheHairstylingandEstheticianprogramsfromConfederationHighSchoolandsupportthelaunchthefirstphaseofouraHealthyLivingEducationinitiative.

Insupportofourstudents,2014-15willseethecollegehostitsfirstStudentSuccessSymposium,shiningthelightonbestpractices being implemented by leading faculty and staff, both at Algonquin and at other leading institutions across North America.Armedwithnewinsights,theCollegewillworktoimplementitsStrategicEnrollmentPlan,craftastudentsuccessplan,andwiththeinvaluablesupportoftheStudents’Associationimprovetheoverallstudentexperience.

InternationalWith our recently updated vision for international education, the coming year will see the college focus its efforts on both offshore and onshore activities. Abroad, our sights are set on putting into practice a revised program quality assurance process,deliveringonourcommitmentsinSaudiArabia,andopeningournewcampusinKuwait.Domestically,wewilllookto offset expected declines in Canadian enrollments brought on by demographic changes with an increase in recruitment of students from around the world. Aligned with this effort is a commitment to invest in the required services and employee training needed to ensure all students receive the support they need to be successful.

DigitalThis coming year will also see the College set aside time for a broad college-wide discussion on the opportunities andchallenges brought on by advances in technology. The impact of technology on higher education has and will continue to be significant. Taking the time to listen to those most affected by the changes is an essential step in charting our future path.

At the same time that we work on a renewed digital strategy, we will continue to make investments in areas we knowbring great value to our stakeholders. In 2014-15, we will work to improve the reliability of our wireless network, finish the conversion of appropriate mobile learning programs, expand the e-textbook initiative and work to eliminate time consuming paper-based processes.

Perhapsmostexciting,2014-15willusherinthelaunchoftheInstituteforDigitalEducationatAlgonquin,aresearch-drivenincubator that tests, scales and shares emerging educational pedagogies and technologies.

Employee Engagement and InnovationOver the past few years, no area of the College has had a greater amount of focus than employee engagement. The 2014-15 BusinessPlancontinuesthatcommitmentwithplanstoformallycompletetheprioritiesestablishedbytheEmployee EngagementTigerTeam.Inaddition,wewillexpandprofessionaldevelopmentacrossthecollegeandcontinuetogrowour commitment to open leadership. At Algonquin, we realize our greatest differentiator is the talent of our employees and believe it is critical that we continue to invest in this area.

While too numerous to mention, the initiatives detailed and funded in the 2014-15 Business Plan and Annual Budget continueoureffortstodeliveronthestrategiesandtargetssetoutinthe2012-17StrategicPlan.Theytacklehead-onthechallenges and opportunities faced by the fast-changing higher education market while moving us a step closer to realizing our vision of being “a global leader in digitally-connected applied education and training”.

Please join me in thanking all those who have worked so diligently on our behalf. To all those who attended departmentalplanning sessions, prepared countless documents, and worked on the College’s Budget Committee, you have our sincere appreciation.

Yours sincerely,

Dr. Kent MacDonaldPresident

Algonquin’s organizational philosophy is defined by its mission, vision and core values. Through the course of the recent strategic planning process, stakeholders paid tribute to the current set of College values believing they accurately reflect the principles and beliefs shared by the community. At the same time, they encouraged the College to revise the current mission and vision statements to more accurately reflect our aspirations for the future.

The following are intended to serve as points of inspiration and provide clear differentiation from other colleges, carefully articulating our purpose.

OUR MISSION To transform hopes and dreams into skills and knowledge, leading to lifelong career success. OUR VISION To be a global leader in digitally-connected applied education and training.

OUR VALUES

MISSION, VISION AND VALUES

CaringWe have a sincere and compassionate interest in the well-being of the individual.

IntegrityWe believe in trust, honesty and fairness in all relationships and transactions.

LearningWe believe in the pursuit of knowledge, personal growth and development.

RespectWe value the dignity and uniqueness of the individual. We value equity and diversity in our community.

Business Plan 2014–15

STRATEGIC PLAN 2012 - 2017At Algonquin, we believe students learn best by applying knowledge through experience. We believe that understanding is not a destination but rather the product of a lifelong ‘knowledge journey’, made richer and more compelling when mixed with the power of technology. Experiential education is about being able to utilize new concepts in non-textbook contexts; to conceptually make sense of complex, real-world situations and to express such concepts meaningfully to others. Such learning also gives students the opportunity to improve their life skills — self-direction, collaboration and teamwork, information gathering, and clear communication.

These are the traits today’s employers seek in their employees. This kind of technologically enhanced, experiential knowledge fuels economic growth and community prosperity. It is the fun-damental speciality of Algonquin College and the foundation of our aspiration to be The Connected College offering the greatest range of choices for all students. Today’s economic realities make delivering on this mission increasingly more chal-lenging. This Strategic Plan addresses the current fiscal realities head on, seeking to be efficient stewards of public funds while building a strong financial foundation from which to make strategic investments which will enhance the overall experience of our students.

To deliver on our mission and vision we have identified 4 strategic pillars and 12 supporting goals. These commitments guide our strategic priorities and budget process.

APPLIED EDUCATION AND TRAININGGoal 1: Deliver an exemplary applied education and training experience.

Goal 2: Create a unique suite of programs, products and services geared to meet the needs and expectations of our clients and students.

Goal 3: Leverage technology to enhance the educational experience

Goal 4: Provide opportunities for every full-time student to have a work experience outside of the classroom.

STUDENT AND CLIENT SUCCESSGoal 5: Deliver exceptional service to our diverse student and client

populations.

Goal 6: Leverage technology to automate and modernize our business processes, fostering an environment of continuous improvement.

EMPOWERED PEOPLEGoal 7: Attract, develop and retain employees who have the knowledge and

skills to be fully contributing members of the College.

Goal 8: Create and foster an environment in which the College’s model of leadership competencies and behaviours is supported.

FINANCIAL SUSTAINABILITYGoal 9: Align our funded operational expenditures with provincial funding

Goal 10: Expand non-funded opportunities to increase revenue.

Goal 11: Leverage strategic business partnerships to meet the capital needs of the College.

Goal 12: Create the technological foundation to align with the digital direction.

Algonquin College - Business Plan 2014–15

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OPERATIONAL OUTCOMES, MAJOR ACTIONS AND MEASURES

2012-17 Strategic Goals

2014-15Initiatives/Leveraged Action

2014-15Measures

Goal 1: Deliver an exemplary applied education and training experience.

ACADEMICEnhance first year student persistence through effective intervention and remedial activities.

ACADEMICOverall term to term retention rate increased by 1% over 2013/2014.

ACADEMICEnhance student mobility and graduation by creating more efficient program pathways, laddering and articulations.

ACADEMICPathways, laddering and credit transfer plans developed for each School.

ADVANCEMENTImplement Year 1 of the Strategic Enrolment Manage-ment (SEM) Plan.

ADVANCEMENT (1) Benchmark metrics established for Recruitment, Admissions, Orientation, Student Support Specialists & Retention.(2) Top 3 Strategic Enrolment Management (SEM) projects completed. (3) First College-wide Strategic Enrolment Management (SEM) conference with 100 faculty & 100 support staff in attendance hosted with participants ranking the event an average of 4 out of 5 in total satisfaction.

Goal 2: Create a unique suite of programs, products and services geared to meet the needs and expectations of our clients and students.

ADVANCEMENT Integrate marketing, recruitment and admission pro-cesses to create a comprehensive admission funnel.

ADVANCEMENT College applications outperform the system average by 2%.

ACADEMICCreate a vision document and business case for each School.

ACADEMICDeans vision document and business case developed for each School by end of Fall 2014.

ACADEMICEnhance the choice and flexibility of student learning options by increasing the availability of fully online offerings.

ACADEMIC3,300 full-time equivalent students (FTEs) enroled in online and hybrid course offerings.

ACADEMICImplement onshore initiatives from International Educa-tion Strategy.

ACADEMIC1,140 full-time international equivalent students enroled in onshore programs of study.

ACADEMICIncrease number of international students in high-demand programs.

ACADEMIC 50 additional international students in high-demand programs.

ACADEMICWiden access by developing new programs of study and diversifying delivery modalities.

ACADEMIC(1) 575 students enroled in applied degrees and 840 graduate certificates. (2) Year 3 of the sector programming plans developed. (3) 3% increase to post-secondary enrolment over 2013/14 baseline.

ACADEMIC & ADVANCEMENT Draft and implement the Healthy Living Education (HLE) advocacy plan.

ACADEMIC & ADVANCEMENT 1) Healthy Living Education advocacy plan approved by President’s Council.2) Hair Stylist and Esthetician programs re-patriated to Woodroffe campus.

Metric 2014-15 Target

2016-17 Target

Graduation Rate 66.5% 70%

Retention Rate 87% 89%


2016-17Target

Enrolment (PSE) and others

20,345 21,107

Enrolment (online — FTE equivalents)

3,300 3,500

Enrolment (PSE international — FTE equivalents)

1,140 1,400

Students enroled in applied degrees

575 800

Students enroled in graduate certificates

840 1,000


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2014-15Measures

Goal 3: Leverage technology to enhance the educational experience

ACADEMICEnhance the choice and flexibility of student learning options.

ACADEMICA total of 1,140 courses offered as hybrid courses.

ACADEMIC Improve the quality of online learning options.

ACADEMIC50% of online programs assessed and validated against the College’s quality assurance standards.

ACADEMICArticulate the vision and strategy that will further the College’s leadership in the Digital domain.

ACADEMICDigital strategy developed and presented to President’s Council by November, 2014.

ACADEMICImplement the final year of the four-year mobile learn-ing plan.

ACADEMIC100% of eligible full-time post-secondary education programs converted to mobile programs.

Goal 4: Provide opportunities for every full-time student in Ontario College Credentialed programs to have a work-integrated learning experience.

ACADEMICImplement Year 2 of the work-integrated learning plan.

ACADEMIC85% of programs have a work-integrated learning component.

ACADEMICContinue to imbed applied research activities in full-time programs of study

ACADEMIC 825 students engaged in applied research projects

Goal 5: Deliver exceptional service to our diverse student and client populations.

ACADEMICCreate a comprehensive student success strategy.

ACADEMIC(1) Student success strategy developed and presented to Presidents Council.(2) College services inventory completed and presented to Col-lege Leadership Council. (3) Top two (2) student success strategy projects completed.

STUDENT SUPPORT SERVICESEnhance overall College experience for students.

STUDENT SUPPORT SERVICES(1) Increase College orientation participation rate by 10%.(2) Increase the percentage of those very satisfied with the College orientation program from 25% to 35%.(3) Lower the percentage of students reporting they need help knowing who to turn to for assistance from 50% to 40%.(4) Serve 1500 individual students via the student experience “Hub”. (5) Respond to 10,000 requests for information via the student information desk.

REGISTRAR’S OFFICE & STUDENT SUPPORT SERVICESUpdate the current Student Services strategy to improve the student experience and maximize efficiencies.

REGISTRAR’S OFFICE & STUDENT SUPPORT SERVICES(1) Student Services goals and metrics established for each department. (2) Student satisfaction benchmark established for each department. (3) Plan of action developed for each department based upon student satisfaction goals and metrics.

ADVANCEMENT(1) Complete Employer Engagement survey to identify current employer opinions and identify opportunities. (2) Draft Employer Engagement Plan.

ADVANCEMENT Survey results and Employer Engagement Plan presented to College Leadership Council for review and feedback.


2016-17 Target

Online courses offered

127 150

Unique hybrid courses offered

1,140 1,424

Enrolment (PSE — mobile)

90% 100%


2016-17Target

Programs with work experience opportunities

85% 100%

Students engaged in applied research and development

825 950


2016-17Target

Student Satisfaction

82.1% 83.5%

Employer Satisfaction

93% 94%

Alumni Satisfaction

87.5% 90%


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2014-15Measures

Goal 5: Deliver exceptional service to our diverse student and client populations. Cont.

FOUNDATIONBased on 2013/14 Alumni survey results: (1) Enhance alumni benefit program. (2) Enhance alumni networking opportunities. (3) Enhance awareness of Algonquin College employ-ment services as a resource for alumni.

FOUNDATION1) Add 2 new benefits to alumni benefit program.2) Host 2 alumni networking events.3) Increase service to alumni through Employment Services by 10%.

ACADEMIC & STUDENT SERVICES Improve international student preparedness for College studies and associated support services.

ACADEMIC & STUDENT SERVICESConduct a gap analysis and prepare an action plan based upon results.

Goal 6: Leverage technology to automate and modernize our business processes, fostering an environment of continuous improvement.

FINANCE & ADMINISTRATION Improve employee and student experience through the transformation of key business processes.

FINANCE & ADMINISTRATION (1) Business process transformation results in the repurposing of 75 person weeks that enables employees to re-direct efforts to improve the student experience.(2) Initiate Project Fusion, the acquisition and implementation of a unified Finance and Human Resource enterprise resource planning system..

Goal 7: Attract, develop and retain employees who have the knowledge and skills to be fully contributing members of the College.

HUMAN RESOURCESComplete the top three (3) Employee Engagement priorities.

HUMAN RESOURCES Employee Engagement overall survey results increased to 3.90.

HUMAN RESOURCESProvide timely professional development sessions to meet the priorities of the College.

HUMAN RESOURCES(1)The Human Resources-sponsored professional development plan developed by April, 2014. (2) Set of goals and metrics established.

Goal 8: Create and foster an environment in which the College’s model of leadership competencies and behaviours is supported.

FINANCE & ADMINISTRATIONComplete the development of the 2015/16 annual bud-get utilizing appropriate Responsibility Centre Manage-ment (RCM) accountability, governance principles and processes that effectively couples academic authority with financial responsibility.

FINANCE & ADMINISTRATION (1) Responsibility Centre Management (RCM) budget principles and processes approved by President’s Council.(2) 100% of College Leadership Council complete professional development in RCM policies and processes training.

HUMAN RESOURCES Enhance employee engagement focus at the Live, Laugh, Learn Retreat.

HUMAN RESOURCES80 employees participate in the 2014 Live, Laugh, Learn Retreat.

Goal 9: Align our funded operational expenditures with provincial funding

Completed. Standard operating procedure at the College.


FINANCE & ADMINISTRATIONComplete the first full year of operations at the new Jazan Campus in the Kingdom of Saudi Arabia

FINANCE & ADMINISTRATION$10 M in gross revenues realized from Jazan Campus by August, 2014.

ACADEMICContinue Algonquin’s commitment to international campus expansion.

ACADEMIC(1) Algonquin College Kuwait launched.(2) Pending successful contract award, launch Colleges of Excel-lence Wave 2 cluster.


2016-17Target

Business processes developed tomeasurably lower cost and/or im-prove productivity.

30 50


2016-17Target

Employee Engagement

3.90 4.00


2016-17Target

Leadership training (Employ-ee Engagement Survey)

3.70 4.00


2016-17Target

Alternative revenues

31% 32%

Number of orga-nizations served through Corporate Training

325 400


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2014-15Measures


ACADEMICExpand program licensing partnership agreements to offshore international activities.

ACADEMICOne (1) new program licensing partnership agreement approved.

ACADEMICIncrease the number of client organizations receiving Corporate Training services

ACADEMIC325 client organizations that have received training through Corporate Training.

Goal 11: Leverage strategic business partnerships to meet the capital needs of the College.

FOUNDATIONLaunch year-one of multi-year fundraising plan.

FOUNDATION1) $750K raised from stewarding & renewal of campaign pledges.2) $1M raised from alumni revenue, annual & endowment student bursary/scholarship contributions.3) $800K in interest disbursed and stewarded from donor named endowment funds.4) $750K raised from new major gift-in-kind and cash dona-tions.

FINANCE & ADMINISTRATIONComplete Phase 1 and Phase 2 of ESCO Energy Savings Project.

FINANCE & ADMINISTRATIONSuccessful renewal of B Building HVAC infrastructure, replace-ment of plant cooling tower and optimizing strategies for building controls.

Goal 12: Create the technological foundation to align with the digital direction.

FINANCE & ADMINISTRATIONEnhance College Leadership Council’s ability to access College data to support decision-making for academic programming and services.

FINANCE & ADMINISTRATIONAccessible College data improves to 50%.

FINANCE & ADMINISTRATIONDevelop a scenario-based planning framework and suite of tools that enables the Board of Governors and Management to assess the feasibility of alternative strategic directions.

FINANCE & ADMINISTRATIONA scenario-based software planning tool will be developed and demonstrated at the Fall 2014 Board of Governors Retreat.

FINANCE & ADMINISTRATIONContinue investment in the College’s Information Technology (IT) network to ensure a consistent level of internet, wireless and network connectivity.

FINANCE & ADMINISTRATION(1) Internet connectivity performance improves to 96% by Sept 2014. (2) Availability of wireless network improves to 96%.


2016-17Target

Cash, in-kind contributions, and returns from alter-native financing

$6.5M $10M


2016-17Target

College data accessible through a common BI portal

50% 100%

Availability of wireless network to all stakeholders

96% 99.9%

Availability of College networks and internet access

96% 99.9%

Algonquin College - Annual Budget 2014–15

Annual Budget 2014–15

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TREASURER’S REPORT OF THE 2014-15 ANNUAL BUDGETIn compliance with both Board of Governors direction and Ministry operating directives, the 2014-15 Annual Budget returns a net operating surplus and maintains the College’s commitment to balancing government funded activities with expenses.

The 2014-15 Annual Budget also provides the College with the resources required to deliver on the commitments de-tailed in the 2014-15 Business Plan and the College’s 2012-17 Strategic Plan.

At the same time, the College’s annual budget prepara-tion process concludes with a budgeted net contribution of ($2,655,000), the result of President’s Council’s request to use internally restricted funds to finance needed capital investments and strategic investments through accumulated surpluses.

Accumulated Surplus

Last year, the College concluded fiscal year 2012-13 with a net contribution of $6.1 million, which exceeded the 2012-13 Approved Budget surplus of $3.3 million by $2.8 million. In addition to various operating savings, this positive variance was achieved primarily due to securing greater than bud-geted enrolment growth (5.5% actual vs 3.5% budgeted) and not utilizing contingency budgets.

The College has consistently achieved surpluses and grown its accumulated surplus balance over the past 9 years in the Internally Restricted Net Asset accounts. These funds are managed and grown to provide resources to fund Strategic Investment Priorities that will enhance the overall experience of students.

Business Plan Priorities Aligned with the College’s Strategic Plan

This year, in alignment with the direction confirmed in Algon-quin’s 2012-17 Strategic Plan, the College Leadership Council identified four key areas of priority:

•StudentSuccessandRetention •International •Digital •EmployeeEngagementandInnovation

Through a business planning process that continues efforts to engage all areas of the College, a series of major initiatives aimed at addressing improvements to academic facilities, student services and business process automation were identified that require the drawing down of funds from inter-nally restricted accounts.

The President is submitting a recommendation to the Board of Governors to approve spending from the College’s Specific Reserve funds for the following significant capital projects in 2014/15:

General Reserve Funds

The 2014-15 Annual Budget also includes a provision to increase the General Reserve Funds by $2 million. Additional contributions to General Reserve Funds will be realized as cash donations are received to return funds utilized to com-plete construction of the new Perth and Pembroke campuses andtheAlgonquinCentreforConstructionExcellence.

The sale of the former Pembroke campus is still pending and is not reflected in this annual budget. Once this property sale has been finalized, the College will update its financial projections to reflect the impact on its Statement of Opera-tions and internally restricted net assets.

Refer to the Net Assets Continuity Schedule for more infor-mation on budgeted contributions and expenditures from Internally Restricted Funds.

Expenditures from Internally

Restricted Funds - Specific Reserves

Enterprise Resource Planning Project (Finance/Human Resources)

2,000,000$ 4,050,000$

Dental Programs Facilities/Re-Patriation of HairStylist and Esthetician Programs to Woodroffe Campus

3,500,000$ 6,700,000$ *

College Ancillary Services - Residence Upgrades, Point-of-Sale/Accounting Software System, Equipment Renewal

1,400,000$ 1,400,000$

Total Expenditures from Internally Restricted Funds - Specific Reserves

6,900,000$

Total Project Budget

* Design in progress, scope and final

estimated costs still under development

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Unrestricted Net Assets 1,000,000$ Internally Restricted Net Assets

Appropriations 1,000,000 Specific Reserves

Other Projects and Initiatives 6,183,000 Ancillary Services Reserve Fund 5,427,000 Infrastructure Renewal Fund 250,000 Employment Stabilization Fund 560,000 Other Student Aid 16,000

Contingency Reserve Fund 7,636,000 General Reserve Funds 26,248,000

Total Unrestricted and Internally Restricted Net Assets 48,320,000$

Challenges and Opportunities Facing the College

Deliveringabudgetthatreturnsanetoperatingsurplushasnot been without its challenges. In March 2012, the Ontario Government accurately predicted that our economy would experience lackluster expansion. In 2013, the Province re-stated its commitment to eliminating the Ontario deficit by 2017-18 and followed through on planned reductions to Ontario colleges funding. The annualized impact of these reductions to Algonquin’s 2014-15 base funding is approxi-mately $4.5 million.

Algonquin ImpactProvincial Budget Measure 2013/14 2014/15International Student Recovery Fee (442,125)$ (936,908)$ Elimination of Small Northern and Rural Grant (922,425) (1,844,850) 'Policy Levers' - Operating Grant Reductions (807,522) (1,745,543) International Student Municipal Tax (86,000) (86,000) TOTAL IMPACT ON ALGONQUIN COLLEGE (2,258,072)$ (4,613,301)$ * Note: The Ontario Special Bursary Program was also eliminated and replaced by the Ontario 30% Tuition Grant.

More positively, Algonquin saw enrolments to the College increase 5.5% year-over-year, with the majority of these increases coming as a result of new program development, online offerings, and international enrolments. Recent Min-istry restrictions placed on new program development and projected demographic declines will continue to place pres-sure on the College to think creatively and look for new ways of transforming education.

Assumptions

A number of assumptions were made in the preparation of estimates to be included in the budget. A list of the most significant assumptions for 2014-15 follows:

Revenues

•Grantprojectionsarebasedontheassumptionthatthe existing College Funding Framework (released in June 2009) for operating and enrolment growth grants will be extended for a sixth year and will be funded at the reduced rates most recently communicated by the Ministry;

•Tuitionfeeratesforfundedprogramshasbeenbudgeted with a 3% increase;

•Enrolmentgrowthinfull-timepost-secondaryprograms is projected to increase by 3% over 2013-14 enrolment levels due to growth in existing programs, the launch of new programs, and improved retention; and

•Thefollowingothernon-fundedrevenuesourceshave been updated to respond to the projected enrolment changes, the economy, international opportunities and anticipated market conditions:

o Contract Activity

o International Premium and Tuition

o College Ancillary Services

Operating Expenditures

•Wageincreasesforallfacultyandstaffwillnotexceed the current range of wage increases in the public sector;

•TheCollegewillaugmentitsexistingfacultycomplement with additional hires to accommodate projected enrolment growth; and

•Otherexpenditureswillincreaseatarateconsistentwith the rate of inflation.

Funding for Strategic Investment Priorities

Through the alignment of operating revenues and expenditures within the Province’s funding and tuition fee framework, the College is able to direct contributions from non-funded activities to strategic investment priori-ties. Priority setting has been based on investments that are deemed to be ‘essential’, support the College’s strategic directions, renew curriculum and develop new programs, deliver high quality instructional equipment for students, and mitigate the risk of physical and technological infrastructure

failure.

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TREASURER’S REPORT OF THE 2014-15 ANNUAL BUDGETMore specifically, the annual budget provides funding for the following initiatives:

•Adaptteachingenvironmentstoaccommodatestudents with mobile devices as part of the mobile learning program project;

•Developingadditionalhybridcourses,onlineprograms, graduate certificates and degree programs to meet the needs of today’s student;

•Continuewiththelaunchofthee-textstrategyfor students that will result in lower costs for students and provide increased flexibility for learning;

• Launchtheacquisitionandimplementationofaunified FinanceandHumanResourcesEnterpriseResource Planning system;

•Initiateupgradestothedentalprogramsfacilities

•RepatriateHairStylist,HairstylistApprenticeshipand EstheticianprogramsandfacilitiestotheWoodroffe campus (design and final cost estimates still under development);

•EnhanceandexpandtheCollege’sclientrelationship management system;

•Implementstrategiestoimproveemployeeengagement; and

•Continuetoupgradeandimprovetheserviceand reliability of wired and wireless networks.

Risks

Webelievethatthisbudgetisreasonableunderthecircum-stances. The following identifies and assesses major risks:

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I would like to conclude by thanking all of those involved in the development of the Annual Budget for their hard work and ongoing commitment to the College, with a special men-tion of the efforts of the College Budget Committee (CBC):

•LindaRees(Chair),Dean,CentreforContinuingand Online Learning

•MichelleCurran(Recorder),BudgetOfficer,Centrefor Continuing and Online Learning

•CathyDempsey(Resource),Director,Financeand Administrative Services

•MikeGawargy,Director,InformationTechnologyServices

•GlennMacDougall,Director,LearningandTeaching Services

•PeterMackie,Director,SalesandStudentRecruitment

•JeffMacnab,Registrar

•DianeMcCutcheon,Director,LabourRelations

•DougOuderkirk,ExecutiveDirector,Academic Operations and Planning

•JohnTattersall,Director,PhysicalResources

Re-configured in 2012, the CBC was established to deepen awareness, foster cross-unit collaboration, and broaden re-sponsibility for tackling the financial challenges and opportunities facing the College. Through the dedication of the members of the CBC, we have achieved what we set out to accomplish – deliver a balanced budget while setting the College on a path for a more engaged budget process.

Duane McNair Treasurer and Vice-President, Finance and Administration

THANK YOU TO THE COLLEGE BUDGET COMMITTEE

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Annual Budget 2014/2015

2014/2015 PROJECTED ENROLMENT vs. 2013/2014 ACTUAL ENROLMENT

ProjectedActual

(unaudited) ProjectedActual

(unaudited) ProjectedActual

(unaudited)FACULTY/SCHOOL 2014/2015 2013/2014 Change 2014/2015 2013/2014 Change 2014/2015 2013/2014 ChangeArts, Media & Design

Level 1 2,650 2,588 62 45 41 4 - - - Returning 4,483 4,136 347 189 221 (32) - - -

TOTAL 7,133 6,724 409 234 262 (28) - - -

BusinessLevel 1 1,895 1,931 (36) 60 60 - - - -

Returning 5,003 4,759 244 328 301 27 - - - TOTAL 6,898 6,690 208 388 361 27 - - -

Hospitality & TourismLevel 1 1,215 1,058 157 40 39 1 - - -

Returning 1,636 1,603 33 195 147 48 - - - TOTAL 2,851 2,661 190 235 186 49 - - -

Technology & TradesLevel 1 2,363 2,352 11 24 7 17 - - -

Returning 5,398 5,253 145 90 6 84 - - - TOTAL 7,761 7,605 156 114 13 101 - - -

Health, Public Safety & Community Studies

Level 1 2,142 2,154 (12) - - - - - - Returning 5,148 5,217 (69) - - - - - -

TOTAL 7,290 7,371 (81) - - - - - -

Centre for Continuing &Online Learning

Level 1 845 786 59 - - - - - - Returning 939 838 101 - - - - - -

TOTAL 1,784 1,624 160 - - - - - -

Business Development

Level 1 97 105 (8) - - - - - - Returning 163 102 61 - - - - - -

TOTAL 260 207 53 - - - - - -

Algonquin CollegeHeritage Institute

Level 1 216 213 3 - - - - - - Returning 449 390 59 - - - - - -

TOTAL 665 603 62 - - - - - -

Algonquin College in the Ottawa Valley

Level 1 484 483 1 - - - 18 19 (1) Returning 870 853 17 - - - 26 20 6

TOTAL 1,354 1,336 18 - - - 44 39 5

TOTAL Level 1 11,907 11,670 237 169 147 22 18 19 (1) 2.2%TOTAL Returning 24,089 23,151 938 802 675 127 26 20 6 4.5%

TOTAL 35,996 34,821 1,175 971 822 149 44 39 5 3.7%

In addition to the above, the budget supports: 1,999 semestered enrolments in the Collaborative Programs; 1,687 semestered enrolments in Full-Time Non-Funded Programs; and 2,597 Seat Purchases in the Apprentice Programs.

Co-op

% C

hang

e

Post Secondary / Applied DiplomaPost Diploma Degree Apprenticeship

15



2014-15 Proforma Summary Financial Health Indicators - Net Assets

Net Assets: Net Asset Summary

Objec2ve: To measure a net asset balance for opera1ng purposes. Benchmark: Less than zero indicates an accumulated deficit. Note: Compare with 2003/04 Net Assets Summary of $(5,143k)

0

10000

20000

30000

40000

50000

60000

70000

Net

Ass

et S

umm

ary

(Col

lege

) ($

000'

s)

Net Assets

2014-15 PRO FORMA SUMMARYFinancial Health Indicators - Net Assets

Net Assets:Net assets Summary

16


2014

-15

PR

O F

OR

MA

SU

MM

AR

YF

inan

cial

Hea

lth

Ind

icat

ors

- O

per

atin

g R

esul

ts

Ann

ual B

udge

t 201

4/20

15

2014

-15

Pro

form

a S

umm

ary

Fi

nanc

ial H

ea

lth In

dic

ato

rs -

Op

era

ting

Re

sults

Ope

ratin

g Re

sults

: Net

Ass

ets t

o Ex

pens

e Ra

tioO

pera

ting

Resu

lts: N

et In

com

e to

Rev

enue

Rat

io

Obj

ec;v

e:

A trad

i(on

al in

dica

tor t

o as

certain the ab

ility of a

college

to con

(nue

ope

ra(o

ns in

the ev

ent t

here is a

delay in re

venu

e stream

s.

Benc

hmar

k:

Less th

an 60%

may

be a co

ncern sin

ce it cou

ld in

dica

te th

at a college

may

not hav

e su

fficien

t interna

lly

accu

mulated

reso

urce

s in the future to

fund

ope

ra(o

ns and

may

be he

ading towards

a defi

cit p

osi(on

. A ne

ga(v

e pe

rcen

tage

indica

tes t

he college

is alre

ady in a defi

cit p

osi(on

. Note: Com

pare with

200

3/04

Net Assets to Expense Ra

9o of 4

8%

Obj

ec;v

e:

This ra(o

is an indica

tor o

f fiscal perform

ance

that m

easu

res t

he exten

t of a

balan

ced bu

dget.

Benc

hmar

k:

Less th

an 1.5% m

ay be a co

ncern be

caus

e it may

indica

te th

at th

e co

llege

may

not be ab

le to

reco

ver

from

a defi

cit p

osi(on

in a re

ason

able period of (me.

Note: Com

pare with

200

3/04

Net Income to Revenue Ra9

o of (0

.24)%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

Net Assets to Expense Ra;o

Colle

ge

Benc

hmark

-‐1%

0%

1%

2%

3%

4%

5%

Net Income to Revenue Ra;o

Colle

ge

Benc

hmark

17


2014

-15

PR

O F

OR

MA

SU

MM

AR

YF

inan

cial

Hea

lth

Ind

icat

ors

- D

ebt

Man

agem

ent

Ann

ual B

udge

t 201

4/20

15

2014

-15

Pro

form

a S

umm

ary

Fi

nanc

ial H

ea

lth In

dic

ato

rs -

De

bt M

ana

ge

me

nt

Man

aging De

bt: To

tal D

ebt to Assets Ratio

Man

aging De

bt: D

ebt S

ervicing Ratio

Objec8v

e:

Measures the propor,on of total assets that are financed by debt. A high or increasing value may be

predic,ve of future liquidity problem

s or a reduced ability to borrow money in the future.

Benchm

ark:

Greater than 35% leads to a concern as this may indicate that a college will not be able to finance their

ongoing opera,ons due to the debt burden.

Note: Com

pare with

200

3/04

Total Debt to Assets Ra9

o of 52%

Objec8v

e:

This ra,o measures the College’s spending on servicing the debt porDolio and could be used as an indicator

that the college may be over-‐leveraged in debt.

Benchm

ark:

A ra,o greater than 3% indicates that the college is spending less than 97% on core services which leads to a

possibility that the college may be over-‐leveraged with debt payments.

Note: Com

pare with

200

3/04

Debt Servicing

Ra9

o of 2.7%

5%

10%

15%

20%

25%

30%

35%

40%

Total Debt to Assets Ra8o

College

Benchm

ark

1%

2%

2%

3%

3%

4%

2009/10

2010/11 O2011/12

2012/13

2013/14

Q3

Projec,on

2014-‐15

2015-‐16

2016-‐17

Debt Servicing Ra8o

College

Benchm

ark

18



2014-15 Proforma Summary Financial Health Indicators - Liquidity

Measuring Liquidity: Quick Ratio

Objec9ve: Fiscal performance indicator tes1ng the college’s ability to pay its short term maturing obliga1ons (e.g. biweekly payroll payments). Benchmark: Less than 1.00 is typically a concern because it begins to indicate that a college may not be able to meet its short term obliga1ons. Note: When including surplus cash invested in longer term investments (greater than 1 year) Algonquin’s Quick Ra>o is at 2.0 for 2014/15.

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

Quick Ra9

o

College

Benchmark

2014-15 PRO FORMA SUMMARYFinancial Health Indicators - Liquidity

Measuring Liquidity: Quick Ratio

business plan & annual budget 2014–15

Documents