Resource Summary
| Core Business Areas | 2005/06 Restated Estimates1 |
2006/07 Estimates |
2007/08 Plan |
2008/09 Plan |
|---|---|---|---|---|
| Operating Expenses ($000) | ||||
| Educational Institutions and Organizations | 1,494,461 | 1,529,826 | 1,571,669 | 1,611,941 |
| Student Financial Assistance | 136,440 | 158,383 | 164,384 | 164,384 |
| Debt Service Costs and Amortization of Prepaid Capital Advances | 255,859 | 268,161 | 295,817 | 295,817 |
| Research and Innovation | 5,741 | 5,741 | 5,741 | 5,741 |
| Executive and Support Services | 19,031 | 19,596 | 19,596 | 19,596 |
| Total | 1,911,532 | 1,981,707 | 2,057,207 | 2,097,479 |
| Full-time Equivalents (Direct FTEs) | ||||
| Executive and Support Services | 216 | 219 | 219 | 219 |
| Total | 216 | 219 | 219 | 219 |
| Ministry Capital Expenditures (Consolidated Revenue Fund) ($000) | ||||
| Executive and Support Services | 1,466 | 1,471 | 2,160 | 1,840 |
| Total | 1,466 | 1,471 | 2,160 | 1,840 |
| Capital Plan ($000) | ||||
| Educational Institutions and Organizations | 225,700 | 267,280 | 300,860 | 200,000 |
| Total | 225,700 | 267,280 | 300,860 | 200,000 |
| Other Financing Transactions ($000) | ||||
| Student Financial Assistance (BC Student Loans loan repayments and new loans) |  |
|
|
|
| Receipts | 63,072 | 56,186 | 56,286 | 59,986 |
| Disbursements | 300,800 | 306,900 | 319,800 | 333,300 |
| Net Cash Source (Requirements) | (237,728) | (250,714) | (263,514) | (273,314) |
| 1 | These amounts have been restated, for comparative purposes only, to be consistent with the presentation of the 2006/07 Estimates. Schedule A of the Estimates presents a detailed reconciliation. |
Resource Summary: Public Post-Secondary Institutions
|
2005/06 Restated Estimates |
2006/07 Estimates |
2007/08 Plan |
2008/09 Plan |
|---|---|---|---|---|
| Combined Income Statement ($000) | ||||
| Total Revenue | 3,727,958 | 3,830,095 | 3,982,973 | 4,093,960 |
| Total Expense | 3,712,356 | 3,812,504 | 3,983,133 | 4,131,319 |
| Operating Results | 15,602 | 17,591 | (160) | (37,359) |
| Gain (Loss) on sale of Capital Assets (if applicable) | 0 | 0 | 0 | 0 |
| Net Results | 15,602 | 17,591 | (160) | (37,359) |
| Numbers do not include the elimination entries required to consolidate these agencies with the government reporting entity. | |
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 South Surrey Central Campus
The project will provide a permanent campus for Simon Fraser University 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
This project involves purchase and development of 29,958 square metres of space within the Insurance Corporation of British Columbia Central City development. 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 cost. The project is being developed in phases with completion scheduled for 2007.
Benefits
The project at Central City provides a permanent campus in Surrey that will accommodate quality instruction and research space 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 first stage of the second phase was completed in September 2005, with the remainder of this phase to be completed in 2006.
This 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.
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 post-secondary education institutions in the Fraser Valley and the Ministry.
