Report on Resources
For the fiscal year 2005/06, the Ministry of Advanced Education spent $3.73 million less than its budget. Savings were primarily due to lower-than-expected interest rates, increased sinking fund earnings and a redesign of the Passport to Education program. Savings enabled the Ministry to provide a one-time $10.0 million discretionary grant to endow scholarships and to redirect funds to the province's public post-secondary institutions.
The Ministry was also provided with Government contingency access to fund Genome British Columbia ($45.0 million), Alzheimer Research ($15.0 million), Tuition Limit Supplemental Funding ($15.0 million), Extraordinary Mandate for certain collective agreement settlements ($10.3 million), Cancer Research Chair ($4.0 million), and a National Chair on Aboriginal Economic Development ($1.0 million).
Resource Summary Table 2005/06
| Estimated1 | Other Authorizations2 | Total Estimated | Actual | Variance | |
|---|---|---|---|---|---|
| Operating Expenses ($000) | |||||
| Educational Institutions and Organizations | 1,482,317 | 26,310 | 1,508,627 | 1,552,212 | 43,585 |
| Student Financial Assistance | 135,492 | 135,492 | 109,933 | (25,559) | |
| Debt Service Costs and Amortization of Prepaid Capital Advances | 255,859 | 255,859 | 235,241 | (20,618) | |
| Research and Technology | 5,741 | 64,000 | 69,741 | 69,675 | (66) |
|
Executive and Support Services |
18,888 | 18,888 | 17,816 | (1,072) | |
| Total Operating Expenses before Adjustment of Prior Year's Accrual | 1,898,297 | 90,310 | 1,988,607 | 1,984,877 | (3,730) |
| Adjustment of Prior Year's Accrual3 | (27,465) | (27,465) | |||
| Total Operating Expenses after Adjustment of Prior Year's Accrual | 1,898,297 | 90,310 | 1,988,607 | 1,957,412 | (31,195) |
| Full time Equivalents (Direct FTEs) | |||||
| Executive and Support Services | 217 | 217 | 206 | (11) | |
| Total | 217 | 217 | 206 | (11) | |
| Ministry Capital Expenditures (Consolidated Revenue Fund) ($000) | |||||
| Executive and Support Services: | |||||
| Information Systems | 1,116 | 1,116 | 190 | (926) | |
| Furniture and Equipment | 100 | 100 | 13 | (87) | |
| Tenant Improvements | 250 | 250 | 0 | (250) | |
| Total | 1,466 | 1,466 | 203 | (1,263) | |
| Capital Plan ($000) | |||||
| Educational Institutions and Organizations: | |||||
| Prepaid Capital Advances | 225,700 | 225,700 | 223,164 | (2,536) | |
| Total | 225,700 | 225,700 | 223,164 | (2,536) | |
| Other Financing Transactions ($000) | |||||
| Student Financial Assistance — BC Student Loan Program: | |||||
| Total Receipts | 63,072 | 63,072 | 47,705 | 15,367 | |
| Total Disbursements | 300,800 | 300,800 | 214,629 | (86,171) | |
| Total Net Cash Source (Requirements) | (237,728) | (237,728) | (166,924) | (70,804) | |
| 1 | The "Estimated" amounts correspond to the Estimates as presented to the Legislative Assembly on September 14, 2005. |
| 2 | The Ministry accessed government contingency for $90.310 million in 2005/06. |
| 3 | As in accordance with Generally Accepted Accounting Principles (GAAP), this amount reflects an adjustment of prior year's expense accrual. These dollars are not available for Ministry spending. |
Ministry Expenditures by Core Business
The following pie chart shows the Ministry's 2005/06 actual expenditures by core business.
SUCH (schools, universities, colleges and health authorities) Sector Income Statement
For the 2005/06 fiscal year, public post-secondary institutions' actual revenues and expenditures exceeded budget projections. Increased revenues were due to greater than projected government contributions, increased investment income and higher than projected revenues from sales of goods and services. The increase in expenses is primarily due to the one-time salary negotiating incentive payments.
| Public Post-Secondary Institutions | 2005/06 Budget | 2005/06 Actual | Variance |
|---|---|---|---|
| Combined Income Statement ($000) | |||
| Total Revenue | 3,728,000 | 4,015,000 | 287,000 |
| Total Expense | 3,712,000 | 3,791,000 | 79,000 |
| Operating Results | 16,000 | 224,000 | 208,000 |
| Gain (Loss) on sale of Capital Assets (if applicable) | 0 | 0 | 0 |
| Net Results | 16,000 | 224,000 | 208,000 |
Major Capital Projects
Simon Fraser University (SFU) — Surrey Campus at Surrey Central City
Objectives:
The SFU Central City permanent campus will address current capacity shortages and growing demand for post-secondary education in the South Fraser region. This proposal will provide facilities infrastructure to accommodate enrolment growth of up to 2,500 student FTEs, contingent upon economic conditions and educational considerations.
Costs:
| Ministry Annual/Projected Expenditures | ||||||
|---|---|---|---|---|---|---|
| Total Project Cost | Ministry Contribution | 2003/2004 | 2004/2005 | 2005/2006 | 2006/2007 | 2007/2008 |
| $80,500,000 | $69,763,789 | $34,886,586 | $5,415,019 | $13,885,000 | $12,794,000 | $2,783,184 |
Benefits:
Acquiring the Surrey Central City property will enable SFU to expand access in a region that represents 24 per cent of B.C.'s population and includes some of the fastest growing communities in the province.
