The University of Regina, board of governors has approved a balanced operating budget for 2006-07 that holds the line on undergraduate tuition fees and addresses a number of financial challenges.

The budget plan outlines an expenditure of over $123 million for 2006-07 and achieves four primary objectives.
1. Creates a balanced budget,
2. Eliminates the University’s $1.6 million structural deficit,
3. Establishes a plan to address the University’s $3.7 million accumulated deficit.
4. Establishes a plan to address the $5.2 million unfunded capital debt on the Centre for Kinesiology Health and Sport.

“The University has experienced unparalleled growth over the last five years,” said University of Regina Board of Governors Chair Garth Fredrickson. “This year’s budget allows the University to maintain stability, consolidate its resources and plan for the future.”

The Board has approved the zero-increase for undergraduate tuition fees for the second straight year, made possible by the 7.2 percent increase in the provincial operating grant. The University will still be required to limit or reduce expenditures in 2006-07 to reach its deficit and debt reduction targets.

“This budget addresses a number of short-term challenges and creates a strong foundation for future growth,” said President and Vice-Chancellor Robert E. Hawkins. “It is a fiscally responsible budget that provides resources for the University’s strategic initiatives. It is also a budget that will help our faculty and staff as we build a comprehensive national university committed to teaching and research excellence.”

The 2006-07 budget will provide for modest increases across a number of areas such as, benefits and wages as a result of new collective agreements with faculty and CUPE employees, scholarships, electronic library purchases, and improvements to the university’s I.T. network and services. Construction will continue on the new University lab building based on funding received in 2004-05. The lab building is on schedule for completion in spring 2007.