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Trent Awaits Funding from Provincial Government |
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FROM THE BOARD OF GOVERNORS' MEETING – FRIDAY, SEPTEMBER 30, 2005 University enters into land lease with City to create new 21 acre sports field complex Already six months into its fiscal year, Trent University is anxiously awaiting details about its 2005-06 funding grant. "While we appreciate the significant $6.4 billion investment in universities that the province announced in the 2005 budget following Mr. Rae's report, we are still waiting to learn what our provincial financial commitment will be this year so that we can finalize our operating budget," said Don O'Leary, Vice-President, Administration. "We face the unprecedented situation of not knowing what our funding is, half way through our fiscal year." Administration advised the board that although the University has made significant inroads in reducing its overall deficit, Trent was still facing the prospect of a significant operating deficit. Despite the provincial investments in the university sector as a whole, Trent will continue to face financial pressures in all facets of its operations. The University's budget assumptions for this year predict no increases in inflation for 2005-06. Inflation for the University's expenses is currently running at 4.5 per cent. In addition, the budget contained no provisions for capital funding. Trent currently faces a $16 million deferred maintenance liability. City-Owned and Operated Sports Field Complex Lease: A proposal to construct a City-owned 21 acre sports field complex on University land will address the shortage of playing fields in the community and assist the University and City to market their facilities for major sporting events. The proposed site is located at the intersection of Pioneer Road and the 9th Line, Douro. The board gave approval to the project which will be City owned and operated. The City will enter into a land lease with the University. All of the projected $2.8 million costs for the field development will be paid by the City. The City will assume responsibility to build and operate the fields. At least one field will be used for the World Lacrosse Championship that the University will host in 2007. Although the University does not foresee significant use of the fields by Trent students, the land lease will provide the opportunity for student use. The proposal is part of the Memorandum of Understanding with the City approved by the Board of Governors at its June, 2005 meeting. The proposal will be forwarded by City staff to Council in October. Posted October 5, 2005
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