Resource Summary

Ministry

Core Business Areas	2004/05 Restated Estimates1	2005/06 Estimates	2006/07 Plan	2007/08 Plan
Operating Expenses ($000)
Educational Institutions and Organizations	1,420,247	1,482,317	1,486,272	1,527,352
Student Financial Assistance	136,291	135,492	157,535	163,536
Debt Service Costs and Amortization of Prepaid Capital Advances	246,750	255,859	279,661	308,080
Research and Technology	5,741	5,741	5,741	5,741
Executive and Support Services	18,768	18,888	18,888	18,888
Total	1,827,797	1,898,297	1,948,097	2,023,597
Full-time Equivalents (Direct FTEs)
Executive and Support Services	215	217	217	217
Total	215	217	217	217
Ministry Capital Expenditures (Consolidated Revenue Fund) ($000)
Executive and Support Services	4,1052	1,466	1,376	1,173
Total	4,105	1,466	1,376	1,173
Capital Plan ($000)
Educational Institutions and Organizations	215,400	225,700	267,280	300,860
Total	215,400	225,700	267,280	300,860
Other Financing Transactions ($000)
Student Financial Assistance (BC Student Loans – loan repayments and new loans)
Receipts	13,600	63,072	89,363	96,248
Disbursements	279,400	300,800	325,900	353,400
Net Cash Source (Requirements)	(265,800)	(237,728)	(236,537)	(257,152)

Resource Summary Public Post-Secondary Institutions

The following combined income statement includes estimates from British Columbia's public post-secondary institutions (colleges, university colleges, institutes and universities). This information is included here because the Minister of Advanced Education is responsible for legislation that establishes government's relationship with public post-secondary institutions. The financial statements are presented for information purposes only and are consolidated in government's fiscal plan and reports.

Major Capital Projects

In accordance with the Budget Transparency and Accountability Act, this section briefly describes a post-secondary capital project for which the Province's financial commitment exceeds $50 million. It should be noted that many other capital projects are planned or are underway at public post-secondary institutions in the province, but only the one described here will exceed $50 million in provincial funds.

SFU Surrey Central City Campus

The project will provide a new permanent campus for Simon Fraser University (SFU) at the new Central City development in Surrey that will accommodate space for 2,500 Full Time Equivalent (FTE) students by 2010.

The purchase allows for staged campus growth; the total fit-out of the facilities will be complete by 2007.

Objectives

• The development of 29,958 square metres of space within the Central City project. This project is being implemented to meet the growing demand for post-secondary education in the South Fraser region.

Costs

• In March 2004, Treasury Board approved the purchase and development costs of $69.8 million for this project. In 2003/04, $34.88 million was spent for the purchase of building space. The project is being developed in phases with completion scheduled for 2007.

Benefits

• The project at Central City provides a permanent university campus in Surrey that will accommodate research space and quality instruction for residents in the South Fraser region; the staged growth will also meet their immediate educational needs.
• The first phase of the fit-out was completed in September 2004; the second phase will be fully completed for September 2006 student intake.
• This cost-effective facility solution will provide accommodation in less space than that of traditional universities through the availability of neighbouring private sector facilities for food and athletic services.

Ongoing Risks

• The potential for capital cost increases is mitigated by several factors. The building was already constructed and therefore the risk of construction cost increases is greatly reduced and can only pertain to the fitting-out of the interior space; these risks are being borne by SFU.
• Risks associated with the benefits have been mitigated by the phased approach to fitting-out the space. Schedule delays and scope adjustments are minimized by the purchase of a constructed building shell and phasing in the growth.
• Academic planning of post-secondary education demand, both short-term and long-term, has been completed by a consortium of four public post-secondary education institutions in the Fraser Valley and the ministry.