Tuition Fees, Student Aid and Budget ReportOperations+… · 2011-12 Budget Report and Long Range...
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Tuition Fees, Student Aid and Budget Report
Business Board March 7, 2011
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Provincial Tuition Framework
• Average increase across University capped at 5% per year
• Continuing students capped at 4% in program • Entering students - undergraduate programs
most capped at 4.5% • Entering students - professional and graduate
programs up to 8%
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0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Undergraduate Graduate Domestic International
FTE
2010-11 Plan 2010-11 Actual
2010-11 Enrolment: plan vs. actual
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Applications, Offers, Registrations, Yield Rates Undergraduate Direct-entry
58 59 5962 61 62
37 38 37 38 39 40
11 11 11 11 11 12
28.4% 29.7% 28.7% 29.0% 28.9% 28.6%
0%
25%
50%
75%
100%
0
10
20
30
40
50
60
70
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
Thou
sand
s
Applications Offers FT Registrations Yield Rate
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Average tuition increases
Average domestic increase 4.31%
Average international increase 6.42%
•Most international tuition will increase by 8-10% for incoming students •Significant investment in services to support international students
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60.9%
19.6% 19.5%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$250 or Less $251 to $350 $351 or More
% o
f dom
estic
stu
dent
s2011-12 Distribution of Dollar
Increases in Domestic Tuition
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1.9%
91.6%
6.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less than 4% 4% to 4.5% More than 4.5%
% o
f dom
estic
stu
dent
s2011-12 Distribution of Percentage
Increases in DomesticTuition
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$7,198
$6,676
$6,584
$6,412
$6,265
$6,263
$6,259
$6,107
$6,103
$6,095
$6,083
$5,982
$5,253
$0 $2,000 $4,000 $6,000 $8,000
McGillMontreal
DalhousieAlbertaQueensToronto
LavalOttawa
WesternMcMaster
CalgaryWaterloo
UBC
G13 Domestic Tuition and Incidental Fees Undergraduate Arts and Science 2010-11
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AAU Non-resident Tuition and Incidental Fees Undergraduate Arts and Science 2010-11
$15,272
$16,474
$16,757
$19,230
$21,853
$24,525
$25,972
$27,114
$27,650
$33,819
$37,265
$0 $10,000 $20,000 $30,000 $40,000 $50,000
Montreal
Western
McGill
Alberta
UBC
Toronto
AAU Mean
Penn State-University Park
University of Illinois at Urbana-Champaign
University of California-Berkeley
The University of Michigan-Ann Arbor
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Student Aid
UofT Policy 1998: “No student offered admission to a program at the University of Toronto should be unable to enter or
complete the program due to lack of financial means”
MTCU Student Access Guarantee (SAG) •No qualified Ontario student should be prevented from attending … due to lack of financial support programs
•Students should have access to the resources they need for their tuition and books and mandatory fees.
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51.7 26%
3.6 2%
7.9 4%
52.2 27%
37.5 19%
5.7 3%
9.6 5%
28.3 14%
University of Toronto Financial Support for Doctoral Stream Students 2009-10 Total =$196.5M
Awards and Stipends-federal
Awards and Stipends-other provincial
Awards and Stipends-provincial OGS
Employment income
UofT Fellowships
OSOTF and OGSST
Awards and stipends - endowments
Other internal funding - research, operating
$M
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53.9% 57.0% 56.8% 59.3% 60.1% 59.9% 60.1% 55.4% 53.9% 54.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
University of TorontoProportion of Students Without OSAP Debt
Convocating from Direct-Entry Programs (nominal $)
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0% 10% 20% 30% 40%
$1-15,000
$15,001-25,000
> $25,000
University of Toronto Total OSAP Repayable: Students with OSAP Debt Graduating from
Direct-Entry Programs, 2006-2010 (2009 Dollars)
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
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2011-12 Budget Report and Long Range Budget Guidelines to 2015-16
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Governing Council Policy
• GC policy provides for long-range budget planning using a rolling-window
• Committed to a balanced budget each year, except in extraordinary circumstances
• Accumulated deficit to be repaid over a five-year period
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Fiscal Context
• Funding for higher education flat and decreasing across many jurisdictions
• Regulated provincial tuition framework continues • Enrolment demand remains strong at UofT • Pension challenges: like almost every other Canadian
and US public sector institution with Defined Benefit pension plan
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Overview
• Balanced budget at the institutional level for 2011-12
• Continue to pay down accumulated deficit on schedule
• $108.6M new revenue over last year ($10.4M UF)
• Continuing uncertainty on compensation settlements in new regulated provincial environment
• Funding of key institutional priorities
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Revenue/expense category $M % of total revenue
% of revenue excl. divisional
revenue
Operating grants and tuition 1,316 78% 89%
Other general revenue 168 10% 11%
General university revenue 1,484 100%
Divisional revenues 204 12% Total revenue 1,688 100%
Centrally-funded student aid 98 6% University-wide costs 425 25% Academic divisions 1,165 69% Total expense 1,688 100%
2011-12 Operating Budget Overview $M
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Enrolment • Total UofT Planned growth of 2500 students by
2015-16 to 81,000 (69,000 FTE)
• St George A&S Decrease of 1200 full time students • UTM and UTSC additional growth planned but
dependent on space capacity
• Graduate expansion continues to 2013-14
• MTCU caps on domestic graduate and UG spaces
• International enrolment planned to increase across many divisions
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University of Toronto Total FTE Enrolment 1977 - 2015
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11P 13P 15P
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4,000
7,000
10,000
13,000
16,000
19,000
22,000
00 01 02 03 04 05 06 07 08 09 10 11P 12P 13P 14P 15P
20,466
14,780
14,208
10,247
8,923
A&S St George
St George other divisions
Tri-campus graduate
FTE Enrolment at the University of Toronto 2000 - 2015
UTM
UTSC
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International Enrolment as a Proportion of Total Enrolment
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000Total Enrolment Total International Enrolment as a % of Total Enrolment
3.8%
14%11%
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Masters Pool Target
Doctoral Pool Target
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
04-0
5
05-0
6
06-0
7
07-0
8
08-0
9
09-1
0
10-1
1
11-1
2
12-1
3
13-1
4
04-0
5
05-0
6
06-0
7
07-0
8
08-0
9
09-1
0
10-1
1
11-1
2
12-1
3
13-1
4
Masters DoctoralYear (Fall Term)
Graduate Expansion
Prof. Masters Doct Str. Masters Doctoral
Fall
Elig
ible
FTE
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Graduate Intake by Geographic Origin
GTA Area62%Other
Ontario12%
Other Canada
9%
Other Countries
17%
2005-06
GTA Area63%Other
Ontario9%
Other Canada
14%
Other Countries
14%
2010-11
Undergraduate Intake by Geographic Origin
GTA Area74%
Other Ontario
9%
Other Canada
5%
Other Countries
12%2005-06
GTA Area66%
Other Ontario
8%
Other Canada
7%
Other Countries
19%
2010-11
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Revenue category 2011-12 $M
Operating Grants 31.7
Tuition – tuition and enrolment volume 66.0
Other (endowment, investment and application fees)
10.9
Total 108.6
Incremental Revenue over 2010-11 2011-12 New Revenue
Critical need to increase government support for per-student funding and student aid
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Government Operating Grants
• Full per-student funding for UG and (most) graduate students for current plan
• Need for more undergraduate & graduate spaces
• Increase in funding over the 5-year period resulting primarily from masters growth , some growth at UTM and UTSC (total $11M)
• Increased per-student funding for MD ($11M) and PGME ($1.5M) students next year
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-
200
400
600
800
1,000
1,200
1,400
Ope
ratin
g G
rant
Rev
enue
$M
Government Operating Grants: if UofT were in another province
(using one university in each province as a proxy )Data source: University 2010 Financial Statements and Fall 2009 Facts & Figures or equivalent reports. For illustrative purposes only using publicly available data
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Incremental Tuition Revenue 2011-12 over prior year ($M)
Domestic tuition changes $20
International tuition changes $33
Enrolment increase and flow-through $13
Total Increase $66
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Other Revenue
• CRC chairs: project decrease of 5 chairs from 247 to 242, back up to 248 by end of planning period
• Investment income: this is interest earned on EFIP: rate of return 2.63% this year, 3.22% next year
• Federal Institutional Cost of Research (ICR): rate at 18% and falling ($19.6M) Actual cost of ICR > 50% ; operating budget absorbs $30M
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UofT Federal Tri-Council Funding 2000-2010 ($M)
$0
$100
$200
$300
$400
$500
$600
$700
$800
CIHR NSERC SSHRC
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Share of Tri-Council Funding
4%
6%
8%
10%
12%
14%
16%
18%Sh
are
%
U Toronto McGill UBC U de Montréal U Alberta
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29.1M 31.5M 33.3M 34.8M 36.5M 38.1M
12.7M 13.7M
14.0M 14.3M
14.5M 14.8M
$-
$10
$20
$30
$40
$50
$60
$6.80
$7.00
$7.20
$7.40
$7.60
$7.80
$8.00
$8.20
2010 2011 2012 2013 2014 2015
Eno
wm
ent P
ayou
t $ M
illio
ns
End
owm
ent p
ayou
t rat
eEndowment Revenue for Student Aid and Chairs
Student aid Chairs Endowment Payout Rate
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Investment Income 2%
Provincial Grant38%
Scholarship grants1%
Other Income 1%
Tuition Fees 40%
Endowment 2%
CRC2%
Divisional Income12%
ICR2%
2011-12 Sources of Operating Revenue Total = $1.688B
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Expense
• Careful controls on spending despite new revenues
• Base and OTO cost containments continue: – 3% base across central divisions – % varies across academic divisions – OTO cost containment continues to pay down old
institutional deficit ($21.5M remains)
• Some investments planned for key institutional priorities
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Pension Problem
• Estimated solvency deficit ~ $1billion
• Based on certain conditions/metrics, government may approve plan to amortize over 15 years
• IF member contributions do not increase, unlikely to receive government approval for extended amortization period
• RESULT: ~$200M/yr pension special payments
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Pension Proposed Strategies
• Multi-pronged strategy – Increase special payment budget
– Borrow: internally from EFIP and/or externally
– Sell or lease assets
– Issue letters of credit • Strategy must include increased employee contributions
for current service costs; these contributions are not used to fund the pension deficit but rather to ensure a sustainable plan for the future
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New Pension Special Payment (over and above existing $27.2M)
2011-12 $30M
2012-13 $20M
2013-14 $10M
Total new $60M
Alternative scenario 1: no government approval ~ $200M per year for 5 years
Alternative scenario 2: interest rates increase, markets rise special payment <$60M
Full payment: $27.2M + $60M = $87.2M per year to
2029
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Investment in Shared Infrastructure ($M)
NGSIS, Blackboard, Wireless 7.1 Caretaking, maintenance 2.2 Advancement (campaign) 4.7 Research Services 2.5 Financial Services 0.2 Recruitment & marketing fund 1.0 Library 1.2 Total * 18.9
* of total, $15M is OTO
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Occupancy$95.4 23%
IT $29.0 7%
University Mgmt $16.1
4%
Financial Mgmt $7.6 2%HR $17.2
4%
Pension $45.1 11%
Advancement $23.6
6%
UT Libraries $73.2 18%
Research Admin $13.0
3%
Student Services $24.4
6%
UW Academic $30.9
7%
UW General$37.8 9%
University Wide Costs $425M (Budget Report, Appendix A, Schedule 3)
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Central Administrative Costs as a % of Total Expenditures (source: COU Financial Report of Ontario Universities)
4.2%
6.0%
0%
2%
4%
6%
8%
10%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
cent
ral a
dmin
cos
ts a
s %
of t
otal
ope
ratin
gex
pens
es
University of Toronto
Ontario system (excluding Toronto)
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2011-12 Incremental funding for Central Student Aid ($M)
Operating Funds 3.4
Ontario Graduate Scholarships 2.4
Student aid funded by endowments 2.5
Subtotal 8.3
One-time-only funds (carryforward and expendable donations) 4.0
Total new funds allocated to student aid $12.3
Total student aid funded centrally $98.2
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Budgets for Academic Divisions
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Academic Budgets: Step 1
Gross revenue
Net revenue to academic divisions
University-wide expenses
Student aid
University Fund
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Academic Budgets: Step 2
Divisional budget consist of two parts:
+
Net revenue
University fund allocation
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Academic Divisional Planning Process
Enrolment targets
Capital / space plans
Complement plans Advancement targets
Tuition fees
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Incremental Net University Fund Contributions and Allocations ($35M), 2007-08 to 2011-12
DENTOISEMEDLAW
MUSFORARCHINFOTYPMGTNURSSWK
PE&HPHRM
APSEA&S
UTSCUTM
$(12M) $(9M) $(6M) $(3M) $- $3M $6M $9M
Net Contribution Net Allocation
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University Fund Relative to Total Revenue ($M)
99 104 111 115 124 134 141 148 154
1,284 1,334 1,416
1,483 1,573
1,688 1,763
1,836 1,911
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13P 2013-14P 2014-15P
UF Total Expense Budget
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Student aid and non-discretionary
5.15%
Pension special payment
3027%
Academic divisions70.465%
Shared-service divisions
3.12%$108.6M
Allocation of new revenue
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Estimated Divisional Cost Pressures (Appendix A, Schedule 4)
From remaining net revenues, academic divisions must fund: – Compensation increases * – Graduate student support – Capital costs – Divisional deficit repayments
*estimated at 0% ATB for UTFA, USW, PM/C and other unions where no settlement in place, subject to upcoming negotiations
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Summary
Balanced and responsible budget Some new investments
Strategic Decisions Matter At the institutional level
At the divisional level At the unit level