McMaster has balanced its budget for the year, but outgoing president Peter George says Ontario universities need more permanent, reliable solutions to their funding problems if they are to continue delivering quality education.
Yesterday, McMaster's board of governors passed its $496-million operating budget for the fiscal year 2010-11, which started May 1. After months of committee work, the budget passed without debate. To balance the budget, the university reduced staffing, squeezed more income from non-academic services and made a plan to raise tuition 5 per cent. It will also continue putting off $140 million in maintenance work that needs to be done.
