Brock retains strong financial position with approval of balanced budget

Brock’s Board of Trustees has unanimously approved a 2021-22 operating budget that is balanced with a mitigation target of $3.5 million (less than one per cent of revenue).

“Like all organizations, Brock has faced some significant budgetary challenges this year as a result of the unprecedented COVID-19 pandemic,” says Board Chair Gary Comerford. “However, faculty and staff from across the University have come together with a sound fiscal plan to ensure Brock continues to advance its strategic priorities throughout the rest of the pandemic and into the future.”

A number of principles guided the development of this year’s budget, including:

  • Maintaining a focus on the needs of students
  • Continuing to advance and invest in Brock’s strategic priorities
  • Maintaining consistency with the University’s academic policy
  • Recruiting internally to minimize job loss
  • Balancing new revenue generation and reducing expenses
  • Preparing for a return to in-person instruction in the fall, while respecting the health and well-being of the community

“I want to thank all faculty and staff for their hard work during what is a very challenging time at Canadian post-secondary institutions,” says Brock’s President Gervan Fearon. “A balanced budget ensures Brock can remain focused on its core mission of supporting student success, excellence in academic programming and research activities. Our effective budget management will also allow Brock to continue playing a key role in the economic recovery of the Niagara region.”

This year’s budget includes increased investment in undergraduate scholarships and graduate fellowships, as well as support for the hiring of four Indigenous and four engineering faculty positions.

The budget also supports strategic enrolment growth, with additional resources for developing and enhancing high-growth academic programs, continuing education, campus renewal, deferred maintenance, capital projects and more.

Brock is also completing a new residence and is opening new athletic facilities for students as part of its efforts to welcome students back in Fall 2021.

Brock has been well-served by its balanced budget strategy, established in 2015, and has had surpluses each year since with these surpluses re-invested into academic and research strategic priorities.

The budget planning process began in the fall of 2020 and included a wide range of consultation, including three town halls open to the Brock community. The budget was also endorsed by Senate as meeting the academic needs of the University.

The full 2021-22 budget report is available on the Financial Services website here.

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