BUSINESS PLAN

2023-2025

BOARD OF GOVERNOR’S APPROVED

February 27, 2023
Algonquin College campuses are located on the traditional unceded, unsurrendered
territory of the Anishinaabe Algonquin People.

The Algonquin People have inhabited and cared for these lands long before today.
We take this time to show our gratitude and respect to them, and to the land for all
that it provides us: trees to give shade, water and food to sustain us, and paths to
connect us. As a post-secondary institution, we embrace the responsibility to help
ensure that the next generations of land stewards are respectful and grateful for the
bounty of this land on which we all live, work, play, and study.

We commit to continue exploring and making meaningful contributions to the

Calls to Action that result from the Truth and Reconciliation Commission of Canada
(TRC).

DARE District
Over the past three years, Algonquin College has demonstrated remarkable flexibility and adaptiveness
in a rapidly changing, competitive environment. Through initiatives that foster strong engagement with
our employees and learners, the College is advancing its strategic competitiveness with priorities on
equity, diversity and inclusion, talent development, system transformation, and financial sustainability.

As we continue to learn from the experiences that sustained us during the pandemic, we are honing our
focus to seize upon emerging opportunities. This first year of the 2023-2025 Business Plan emphasizes
a number of exciting initiatives of significance which will fulfill the key goals of our 2022-2025 Strategic
Plan. Providing flexible, personalized lifelong learning experiences, fostering a high quality, innovative,
learner-driven culture, and creating equitable diverse and inclusive campus environments remain top
priorities.

With an innovative, entrepreneurial spirit, and guided by integrated Indigenous ways of knowing,
the College will continue to generate growth and expand resource capacity. We are confident that
our employees’ resilience, creativity, and commitment to excellence will drive us toward our desired
outcomes, and help learners transform their hopes and dreams into lifelong success.

Sincerely

Claude Brulé
President and Chief Executive Officer

Ishkodewan
ALGONQUIN COLLEGE BUSINESS PLAN 2023 – 2025

OUR MISSION
VISION & VALUES

OUR MISSION

To transform hopes and dreams into lifelong success

OUR VISION

To be a global leader in personalized, digitally connected,

experiential learning

OUR VALUES

Caring, Learning, Integrity, Respect

3
DIRECTION
& GOALS

LEARNER-DRIVEN

Goal 1: Provide flexible, personalized, lifelong learning experiences.

CONNECTED

Goal 2: Empower people to foster a high-quality, innovative,

learner-driven culture.

PEOPLE

Goal 3: Create an equitable, diverse, and inclusive work environment.

4
ALGONQUIN COLLEGE BUSINESS PLAN 2023 – 2025

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Each area within the College has made their own commitments to achieving these goals,
and the associated outcomes and initiatives are detailed in our multi-year business plan.
We will also engage with our community – industry, government, alumni, donors and
others – to identify how they can be partners in transforming the hopes and dreams of
our learners, to ensure that we all recover and thrive together. Every member of the
College community has an invaluable role to play in supporting these commitments to
our learners and our people, in helping us to “become again”.

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BECOMING
AGAIN

Our 2022-25 Strategic Plan is our roadmap to how we recover and thrive as an
institution, while helping our learners, and the communities we serve, prosper in
the new economic landscape. Our organizational focus of being learner-driven while
supporting our people continues as we nurture innovation and quality in our programs,
services, and operations.

With the first year of our three-year Strategic Plan completed, there is more to do in
terms of accomplishing the desired outcomes and strategic goals therein. The 2023-25
Business Plan takes Algonquin College to the conclusion of our current Strategic Plan
and outlines a set of initiatives and deliverables over the next two years to positively
contribute to our measures of success – and to fulfill our quest of Becoming Again.

As we move forward, we are focusing our energy on a few key strategic initiatives that
will ensure that we continue to provide a best-in-class learning experience, while trans-
forming hopes and dreams into lifelong success.

6
ALGONQUIN COLLEGE BUSINESS PLAN 2023 – 2025

STRATEGIC
INITIATIVES

MASTER CAMPUS DEVELOPMENT PLAN

By 2025, Algonquin College will have developed a ten-year Master Campus

Development Plan that outlines a vision of how the Ottawa, Perth, and
Pembroke campuses are going to evolve and transform in line with the College’s
strategic priorities and with municipal official plans.

COLLEGE STRATEGIC PLAN

With the current Algonquin College Strategic Plan concluding in 2025, the College
will embark on the development of a new Strategic Plan that is intended to provide
an updated direction for the College in a time of significant financial challenges and
an increasingly competitive environment. This initiative will give us an opportunity to
strategically position the institution with more clarity, as we emerge out of the
COVID-19 pandemic.

STRATEGIC ENROLMENT MANAGEMENT PLAN IMPLEMENTATION

With the recent development of a five-year Strategic Enrolment Plan, the College has
a clear set of goals and tactics to address enrolment challenges around three primary
pillars with 1) Full-time enrolment; 2) Public College-Private Partnerships and;
3) Retention. The implementation of these tactics is intended to ensure the College
meets its enrolment growth targets.

STRATEGIC INDUSTRY AND COMMUNITY PARTNERSHIPS

As a polytechnic institution, Algonquin College is committed to engage with

industry and community partners and develop multi-disciplinary talent pipelines as we
transform the hopes and dreams of our learners into lifelong success. To this end, the
College will continue to create and cultivate partnerships with leading organizations
resulting in high-value knowledge transfer, employment and talent, and student and
community well-being for all parties.

FINANCIAL SUSTAINABILITY ROADMAP: PORTFOLIO ANALYSIS AND COST

CONTAINMENT

With the development of the Financial Sustainability Roadmap, the College will embark
on both a portfolio review process to assess the financial performance of revenue-
generating lines of business and academic programs, and a benchmarking exercise
of administrative services to ensure value for money with peer post-secondary
institutions. These select initiatives from the Financial Sustainability Roadmap will
provide important input on current actions to be taken but also develop systems for
continued monitoring and analysis. 7
R3: STUDENT INFORMATION SYSTEM TRANSFORMATION

The College continues its multi-year implementation of a new student information

system, Thesis Student Management. The five-year R3 (Rethink, Redesign,
Reimagine) College Transformation Project will evolve the learner and employee
experience through a human-centered, business-focused implementation of this
modern, cloud-based system. In addition to streamlined integrations, improved data
quality, and reduced manual effort, the College will transform business processes to
enable flexibility, promote personalization, and foster faster decision-making for growth
in new markets. The R3 Project will also improve the overall security and resilience of
the College’s technology infrastructure to positively impact information protection and
integrity.

STRATEGIC WORKFORCE PLANNING IMPLEMENTATION

Strategic Workforce Planning is designed to ensure the College has the right people,
with the right capabilities, at the right time, to execute on its strategic and operation-
al objectives. The implementation of Strategic Workforce Planning at the College will
involve analyzing, forecasting, and planning workforce supply and demand, assessing
gaps, and determining targeted talent management strategies in response.

INTEGRATED LEADERSHIP TO ADVANCE TRUTH AND RECONCILIATION WITH

INDIGENOUS COMMUNITIES

Taking a “Bundled Arrows” approach, the College will continue to advance our
commitment to Truth, Reconciliation, and Indigenization through the development of
an annual plan with the Indigenous Education Council, taking action on elevating the
campus and academic experience of Indigenous students, providing additional learning
opportunities for faculty and learners, and further enhancing Indigenous
education in courses and programs.

INCLUSION, DIVERSITY, EQUITY AND ACCESSIBILITY BLUEPRINT IMPLEMENTATION

With the renewal of the 2023-26 Inclusion, Diversity, Equity, and Accessibility Blueprint,
the College will pursue a number of key improvements to ensure that we progress on
our journey to “create an equitable, diverse, and inclusive work environment” and
advance the efforts of the College along the four elements of driving strategy,
attracting talent, aligning our activities, and serving society.

8
2023-2024 BUSINESS PLAN (FLEXIBLE)

# INITIATIVES 2023-24 DELIVERABLES OWNER

GOAL 1: Provide flexible, personalized, and lifelong learner experiences

1 Ten-Year Integrated Master Campus a. Stakeholder consultations for Master Campus Development Plan Finance &
Development Plan completed by October 31, 2023. Administration
b. Strategic planning framework for Master Campus Development
Plan developed and endorsed by Board of Governors by February
28, 2024.

2 College Strategic Plan 2025 a. Strategic planning framework for College Strategic Plan Advancement &
developed and endorsed by Algonquin College Executive Team Strategy
by February 28, 2024.

3 Strategic Enrolment Management a. 47,435 full-time learners enrolled for the 2023-24 academic year Academic
Plan Implementation by March 31, 2024.

4 Strategic Industry and Community a. College Partnership Strategy completed by December 31, 2023. Advancement &
Partnerships Strategy
b. One new strategic partnership agreement signed by March 31,
2024.

5 Financial Sustainability: Portfolio a. Recommendations for Portfolio Analysis of commercial Finance &
Analysis and Cost Containment activities presented to the Algonquin College Executive Team by Administration
September 30, 2023.
b. Recommendations for Portfolio Analysis of academic
programming presented to the Algonquin College Executive Team
by January 31, 2024.
c. Recommendations for Administrative Services Benchmarking
pilot presented to the Algonquin College Executive Team by
March 31, 2024.

GOAL 2: Empower our people to foster a high-quality, innovative, learner-driven culture.

6 R3: Student Information System a. Project schedule re-baselined with critical milestone criteria and Student Services
Transformation dates by April 28, 2023.
b. Project budget range validated by June 30, 2023.

7 Strategic Workforce Planning a. Position management data issues resolved, and processes Human Resources
Implementation developed to ensure ongoing data integrity by December 31,
2023.
b. College-wide complement tracking and reporting (for full-time
and other-than-full-time employee groups) implemented by
March 31, 2024.
c. Workforce Planning processes and tools piloted within four
College areas/departments by March 31, 2024.

GOAL 3: Create an equitable, diverse, and inclusive work environment.

8 Integrated Leadership to Advance a. Indigenous Education Council Annual Plan approved by President’s Office
Truth and Reconciliation with December 31, 2023.
Indigenous Communities
b. New Indigenous learning opportunities delivered to faculty and
learners by March 31, 2024.
c. Action taken on the top presenting issue from the student
experience survey as identified by Indigenous learners by August
30, 2023.

9 Inclusion, Diversity, Equity and a. Employment Equity program designed and developed by June Human Resources
Accessibility Blueprint 2023-26 30, 2023.
Implementation
b. Two Employee Resource Groups to provide forums for discussion,
opportunities to network, and create a more inclusive workplace
launched by March 31, 2024.

9
2024-2025 BUSINESS PLAN (FLUID)

# INITIATIVES 2024-25 DELIVERABLES OWNER

GOAL 1: Provide flexible, personalized, and lifelong learner experiences

1 Ten-Year Integrated Master Campus a. Master Campus Development Plan final report completed by Finance &
Development Plan December 31, 2024. Administration
b. Master Campus Development Plan approved by Board of
Governors by March 31, 2025.

2 College Strategic Plan 2025 a. Kick-off of strategic planning process for development of next Advancement &
College Strategic Plan completed by June 30, 2024. Strategy
b. College Strategic Plan drafted and endorsed by Algonquin
College Executive Team by March 31, 2025.

3 Strategic Enrolment Management a. 48,612 full-time learners enrolled for the 2024-25 academic year Academic
Plan Implementation by March 31, 2025.

4 Strategic Industry and Community a. Partnership Hub launched by March 31, 2025. Advancement &
Partnerships Strategy
b. One new strategic partnership agreement signed by March 31,
2025.

5 Financial Sustainability: Portfolio a. People, technology, and processes to maintain an ongoing Finance &
Analysis and Cost Containment Portfolio Analysis program for both academic programs and Administration
commercial activities implemented by March 31, 2025.
b. People, technology, and processes to maintain ongoing
Administrative Services Benchmarking to optimize value for
money implemented by March 31, 2025.
c. Recommendations to optimize resource allocation methods
through a review of the College’s budget structure, responsibility-
centered management, and associated policies and practices
presented to Algonquin College Executive Team by March 31,
2025.

GOAL 2: Empower our people to foster a high-quality, innovative, learner-driven culture.

6 R3: Student Information System a. Training initiated by September 30, 2024. Student Services
Transformation
b. Milestones from re-baselined project schedule accomplished by
March 31, 2025.

7 Strategic Workforce Planning a. Workforce Planning processes and tools piloted within five Human Resources
Implementation additional College areas/departments by March 31, 2025.
b. Workforce Planning technology platforms assessed and evaluated
by March 31, 2025.

GOAL 3: Create an equitable, diverse, and inclusive work environment.

8 Integrated Leadership to Advance a. Indigenous Education Council Annual Plan approved by President’s Office
Truth and Reconciliation with November 15, 2024.
Indigenous Communities
b. Action Plan to achieve priorities in the Academic Plan enhancing
Indigenous education in courses and programs developed by May
31, 2024.

9 Inclusion, Diversity, Equity and a. Enhanced recruitment processes to attract talent from under- Human Resources
Accessibility Blueprint 2023-26 represented groups launched by June 30, 2024.
Implementation
b. Equity, diversity, and inclusion training and resources developed
and deployed by March 31, 2025.

10
BUSINESS PLAN SCORECARD - METRICS

5-Year
2022-23 2022-23 2023-24 2024-25
2022-2025 METRIC Average Owner
Target Actual Target Target
Actual
(as at Jan 2023)

GOAL 1: Provide flexible, personalized, and lifelong learner experiences.

Full-Time Enrolment 42,189 49,565 44,079 47,435 48,612 Academic

Learner Satisfaction 76.5% 78.2% TBD 78.4% 78.6% Academic and

Student Services

Graduation Rate 65.5% 65% TBD 65.1% 65.2% Academic

Strategic Community and Industry N/A 6 6 7 8 Academic and

Partnerships Advancement &
Strategy

Net Operating Revenue 7.7% 6.6% 4.5% 5.2% 7.1% Finance &
Administration

Return on Net Assets 7.8% 1.3% 2.9% 2.1% 0.8% Finance &
Administration

GOAL 2: Empower our people to foster a high-quality, innovative, learner-driven culture.

N/A 75% 78% 100% 100% Academic

completed completed completed completed
Quality Assurance Audit Affirmations and within 18 within 18
Recommendations months months
from site from site
visit visit

Employee Engagement Score 62.2% 69% TBD N/A 70% Human Resources

GOAL 3: Create an equitable, diverse, and inclusive work environment.

81.1% 81.5% TBD N/A 82% Human Resources

Departmental Support for Diversity

N/A 30% 43% 35% 40% Human Resources

Flexible Work Arrangements

Students: 2,000 2,135 2,100 2,200 Truth,

1,057 Reconciliation, and
Indigenization
Employees: 300 663 350 400
Transmission of Indigenous Knowledge
379
Community: 200 625 200 250
678

NOTES:
Future Targets to be reviewed annually
TBD = not available at time of publication

11
ANNUAL BUDGET
2023-24

BOARD OF GOVERNOR’S APPROVED

February 27, 2023
ALGONQUIN COLLEGE ANNUAL BUDGET 2023–24

TREASURER’S REPORT
of the 2023-24 Annual Budget

Algonquin College concluded the 2021-22 fiscal year with an accounting deficit of $3.7
million, its first deficit since 2003-04. During the 2021-22 fiscal year, in the latter half of
the pandemic period, the administration maintained healthy cash balances through
responsible spending decisions. The College responded to the various pandemic
waves by adjusting teaching and service modalities to remain accessible as necessary.
This was to ensure that our learners experienced a quality educational experience, and
so that our employees remained safe.

As the College transitioned into the 2022-23 fiscal year, we adjusted to post-pandemic
opportunities and challenges. The College realized higher demand and enrolment in
its AC Online program and course offerings. Teaching spaces were equipped to
improve accessibility and accommodate in-person and online course delivery in a
synchronous manner. College employees were consulted and supported a new
Flexible Work Arrangement policy to improve engagement, support retention and lead
to greater worker productivity. While challenges with processing of student study
permits at the Federal Government level prohibited achievement of our international
student enrolment targets, the College still realized record year-over-year growth in
this student segment, and also, successfully launched its Public College-Private
Partnership in the greater Toronto area.

The College continues to face challenges to its financial sustainability as a result of

declining domestic enrolments, an ongoing freeze on tuition fee rates, an operating
grant with no adjustments for inflation or growth, and increasing operating costs.
Despite these challenges, the College is focused on growing alternate revenues and
high margin activity, and adjusting operations to respond to the new learning and
working realities in a post-pandemic world.

The College’s projected net cash flow deficit of $6.9 million in 2022-23 is an
improvement over the budgeted $10.7 million net cash flow deficit, and is primarily
a result of lower than anticipated in-year Strategic Investment Priorities expenditures.
The 2023-24 Annual Budget provides the College with the resources required to
deliver on the commitments detailed in the 2023-25 Business Plan and the College’s
2022-25 Strategic Plan. The 2023-24 Annual Budget projects a net cash flow deficit
of $11.4 million and a positive net income of $4.0 million on an accounting basis.
INTERNALLY RESTRICTED NET ASSETS/ACCUMULATED SURPLUSES

While the College continues to face challenges in generating sufficient net cash flows
from its operating activities to fund capital investments and grow its reserve balances,
it has maintained cash balances for several Strategic Investment Priorities projects.
The College’s investments in necessary projects such as the R3 Major Capital Project
(Student Information System upgrade) are helping to modestly increase the College’s
overall Net Assets through an increase in Investment in Capital Assets, though cash
from the College’s Internally Restricted Net Assets are being drawn upon to fund these
necessary investments.

The College has grown and maintained an accumulated surplus balance during the
past 15 years in its Internally Restricted Net Asset accounts. These funds are managed
closely to provide resources for Strategic Investment Priorities projects that will
enhance the overall experience of learners, as well as providing contingency funds that
the College was able to draw on in response to the financial impacts of the COVID-19
pandemic. The College also draws on reserves to fund Major Capital Projects such as
the Salesforce Lightning software upgrade, a Pedestrian Bridge to the City of Ottawa
Bus Rapid Transit Station, and to enhance physical accessibility on campus.

Annual Surpluses/(Deficits) vs Accumulated Surpluses/Reserves

$100,000

$80,000
Surpluses/Reserves ($000s)

$60,000

$40,000

$20,000

$0

-$20,000
16

19
11
9

18
15
13
12
8

17

24
10

21
14

23
22
20
0

20

20

20

20

20

20

20

20

20
20

20

20

20

20
20

20

20

Fiscal Year

Accumulated Surpluses/ Annual Surpluses / (Deficits)

Reserves

The graph above displays how the College had steadily grown its reserve balances
from 2008 to 2020 where it peaked at the start of the pandemic period. This growth
in reserves was primarily due to modest increases in international student enrolments,
an operating grant that funded the realized domestic enrolment growth, policies that
permitted limited tuition fee rate increases and prudent decisions on spending on
operations and capital investments.

Through a business planning process that engaged all areas of the College, a series of
significant initiatives aimed at making improvements to academic facilities, student
services and business process automation that require draws from internally restricted
accounts were identified.

8
2
The President is submitting a recommendation to the Board of Governors to approve
spending from the College’s Specific Reserves and Reserve Funds for Future Capital
Expansion within Internally Restricted Net Assets for the following significant capital
projects and initiatives in 2023-24:

CAPITAL PROJECTS AND INITIATIVES IN 2023-24:

2023-24 2023-24 2023-24

Total Project Expenditures Expenditures funded
Expenditures funded from In- from Internally
year Operations Restricted Net
/ Surpluses / Assets
External Sources

R3 (Student Information $20,000,000 $10,000,000 $10,000,000

System Replacement)

Algonquin College 5,750,000 0 5,750,000

Sustainability: Improved
Heating, Ventilation and
Air Conditioning Systems -
Residence Facilities

Salesforce Lightning Upgrade 2,245,000 1,122,500 1,122,500

(this is not an additional
new request but within
the allocation approved at
the June 7, 2021, Board of
Governors meeting)

Information Technology 8,686,000 6,920,426 1,765,574

and Physical Infrastructure
Renewal Projects

Campus Accessibility 1,000,000 500,000 500,000

Academic Equipment 1,000,000 500,000 500,000

Pedestrian Bridge to Rapid 820,000 0 820,000

Transit Station (this is not an
additional new request but
within the allocation approved
at the June 12, 2017, Board of
Governors meeting)

Alumni Affinity 150,000 0 150,000

Health Services Agreement 115,000 0 115,000

with the Students’ Association

Total Expenditures $39,766,000 $19,042,926 $20,723,074

Please refer to the Net Assets Continuity Schedule for more information on budgeted
adjustments and expenditures from Internally Restricted Net Assets.

3
The budgeted 2023-24 fiscal year-end total balance of Unrestricted Net Assets plus
Internally Restricted Net Assets are as follows:

UNRESTRICTED AND INTERNALLY RESTRICTED NET ASSETS

Unrestricted Net Assets $1,000,000

Internally Restricted Net Assets

• Specific Reserves

o Other Projects and Initiatives 13,119,000

o Campus Services Reserve Fund 952,000

o Employment Stabilization Fund 600,000

o Contingency Reserve Fund 11,529,000

• Reserve Fund – Future Capital Expansion 27,939,000

• Net Proceeds from Sale of March Road Land 2,504,000

Total Unrestricted and Internally Restricted Net Assets $57,643,000

CHALLENGES AND OPPORTUNITIES

The development of the 2023-24 Annual Budget required significant engagement

from the Algonquin College Leadership Team, and input from the College community.
The Funded Activity / College Operations segment continues to operate in a net cash
flow deficit position as a result of rising operational costs that are outpacing revenue
growth. Operating costs are growing at a faster rate than revenues even after
allocating 50% of international student tuition revenues to this budget segment.
Of particular note is stagnant government grant funding and an ongoing tuition freeze.
International student enrolments present the most significant opportunity to generate
additional net operating revenue for the College. In the Ontario public college sector,
growing and maintaining international student enrolments and associated revenues
are a necessity to fund capital requirements, address increasing operating costs and
for contributions to cash reserves. The 2023-25 Business Plan includes several
initiatives focused on increasing program delivery options, increasing program intakes
and improving financial sustainability.

The Ministry of Colleges and Universities maintains the existing operating grant
funding model in 2023-24, the fourth year of the Strategic Mandate Agreement
2020-25 (SMA3). The grant funding model includes three major components:

1. Enrolment Envelope: Includes a Core Operating Grant governed by an enrolment

corridor mechanism. The College receives full funding by maintaining domestic
enrolment at an established midpoint and has an allowable variance of +3% and
-7% from the midpoint.
2. Differentiation Envelope: Funding related to the Performance-Based Grant where a
portion of total operating grant funding is based on performance against outcomes
on metrics identified in the SMA3 agreement.
3. Special Purpose Grants/Other Institutional Grants: Funding the government
provides to address priorities such as improving access to education for
Indigenous learners and students with disabilities. 4
In 2023-24, the Ministry is activating the Performance-Based Grant mechanisms for
the first time during the SMA3 five-year term. Colleges and universities must achieve
specified key performance metrics in order to receive full grant funding. While this
presents an opportunity for the College to realize a modest increase in grant funding
with successful achievement on established metric outcomes, it also presents a
downside risk to grant funding if targeted outcomes are not achieved.

While the corridor funding model provides predictability, it does not provide year-to-
year grant funding increases for domestic enrolment growth, or inflationary pressures.
This requires the College to monitor program costs to ensure that there are sufficient
margins generated to support the overhead and corporate costs of the College.
In addition, the corridor funding model requires a continuous analysis of the revenue
mix between funded domestic enrolment growth and non-funded International fee
premiums.

Compounding the impacts of the corridor funding model, in 2019, the Ministry of
Colleges and Universities announced a mandated tuition rollback of 10%, and an initial
freeze in tuition rate increases for a two-year period. However, the tuition freeze has
remained in effect through 2022-23, and it is anticipated to remain in place for the
2023-24 fiscal year. This reduction and freeze in tuition means that students today are
paying approximately the same tuition as students in 2015.

To help offset these revenue challenges, the College continues a focus on its greatest
opportunity to generate strong cash flow margins, international enrolment growth.
The budget projects overall post-secondary enrolment growth of 7.6% over the
2022-23 Third Quarter Projection. This growth is primarily driven by a planned 27.2%
increase in international enrolments (excluding growth in the Public College-Private
Partnership). Additionally, the Public College-Private Partnership, which is entering its
second year of operations this fall term, is expected to grow by 333%, from 539
enrolments projected at the 2022-23 Third Quarter, to 2,333 enrolments in 2023-24.
The net contribution from the Public College-Private Partnership must be restricted for
reinvestment in the College’s own campuses. Appropriate investments are being made
in quality assurance, student supports and ethical recruiting practices to ensure the
success of our international learners.

During this past fall, the new Academic Employees Collective Agreement was finalized
for the period October 1, 2021 to September 30, 2024. On September 1, 2022, the new
Support Staff Collective Agreement came into effect for the period September 1, 2022
to August 31, 2025. The budget has been developed with the terms set out in these
collective agreements. However, the court decision that struck down Bill 124
in November 2022 may result in renegotiation of some aspects of the collective
agreements pending the Province of Ontario’s consideration of appeal of the
November 2022 decision. It is anticipated that any changes will result in manageable
adjustments to the College’s operating budget.

The College relies on people, processes and technologies to operate and transform
its service operations and program delivery. Several significant investments are being
made in the College’s enterprise resource planning information technology systems to
support transformation. The R3 project development and implementation of a new
student information system software solution was launched in 2020-21, and this
multi-year transformation is planned to continue and is resourced in the 2023-24
Annual Budget.

ASSUMPTIONS

A number of assumptions were made in the preparation of estimates to be included

in the Annual Budget. A list of the most significant assumptions for 2023-24 are as
follows: 5
Revenues
• The College’s operating grant revenues are budgeted at the same value as the past
three years, since the start of SMA3.
• Tuition fee rates for funded programs are budgeted at the same values as 2019-20
following the 10% reduction imposed that year by the Provincial government.
• Enrolment growth in full-time post-secondary programs on Algonquin College
campuses is projected to increase by 7.6% over the 2022-23 Third Quarter
Projection enrolment levels. Domestic enrolment growth is projected to increase
by 1.3% over the 2022-23 Third Quarter Projection, and international enrolment
(excluding the Public College-Private Partnership) by 27.2% over the 2022-23 Third
Quarter Projection.
• The Public College-Private Partnership, which will enter its second year of
operation in fall of 2023, is anticipating enrolment growth of 333% over the
2022-23 Third Quarter Projection, increasing enrolments to 2,333, from 539.
• Other non-funded revenue sources have been updated to respond to the projected
enrolment changes, new opportunities, the economy, international opportunities,
and anticipated market conditions.

Operating Expenditures
• Salary and benefit increases for unionized employees will not exceed the current
collective agreements.
• Salary and benefit increases for other employees will be in general alignment with
increases at other organizations in the Ontario broader public sector.
• Other expenditures will increase at a rate consistent with the rate of inflation or
will remain constant. Current and projected inflation rate increases have been
considered.

Strategic Investment Priorities

• The College’s investment in Strategic Investment Priorities projects for 2023-24
were prepared to ensure all proposed investments were deemed to be essential
for ongoing operations and in support of the College’s Strategic Plan. Included are
projects that support transformation of services, renewal of existing curriculum and
development of new programs, delivery of high-quality instructional equipment for
students, and mitigating the risk of physical and technological infrastructure failure.
More specifically, the 2023-24 Annual Budget provides funding for the following
initiatives:

o Development and implementation of the Strategic Enrolment Management

Plan, through increased flexible programs and program delivery options.
o Continued development of a new student information system, the R3 Major
Capital Project.
o Upgrading the College’s Salesforce platform to the current Lightning version.
o Improvement to physical campus accessibility for learners and employees.
o Investments in addressing deferred maintenance of College facilities and
infrastructure.
o Managing cyber risks and improving the resiliency of the College’s information
and technology systems.
o Implementing strategies to improve employee engagement; and
o Continuing to upgrade and improve the service and reliability of information,
communications and technology infrastructure.

6
RISKS
Management believes that this budget is reasonable under the circumstances.
The following identifies and assesses financial risks:

FINANCIAL RISK SCHEDULE

Risk Identification Impact in Likelihood in Risk Mitigation

2023-24 2023-24

International enrolment less Moderate Possible • New programs and

than budgeted intakes
• Increased focus
on conversion of
applications to
registrations
• Investment in multi-
modal classroom
renovations
• Contain spending
• Defer capital
investments

Cash reserve balances drawn Minor Possible • Investments in growth

down more than budgeted of international student
enrolments
• Financial Sustainability
Roadmap Initiatives –
Portfolio Analysis and
Benchmarking Reviews
• Increased rigour on new
investment decisions

Other revenues less than Moderate Possible • International initiatives

budgeted focus
• Budgeted contingency
provision and reserves
• Contain spending
• Defer capital
investments

Labour relations – impact Insignificant Likely • Province of Ontario

of recent repeal of Bill 124, will launch an appeal
wage moderation legislation. of the decision which
(Scenario One) will result in no change
to current College
approach.

Labour relations – impact Minor Unlikely • Province of Ontario will

of recent repeal of Bill 124, not appeal this decision
wage moderation legislation. which will result in
(Scenario Two) College Employer
Council (CEC) and
union bodies re-entering
into negotiations
with respect to wage
entitlements set by
legislation during the
last negotiation process.

7
 FINANCIAL RISK SCHEDULE

Risk Identification Impact in Likelihood in Risk Mitigation

2023-24 2023-24

Major cybersecurity incident Moderate Unlikely • Upgraded IT

infrastructure
• Business continuity/
disaster recovery
planning
• Investing in cyber
security infrastructure
and applications
• Cybersecurity Insurance

Major capital projects exceed Minor Unlikely • Project governance

budget structure
• Major capital projects
internal audit
recommendations
• Ongoing monitoring
and reporting

Expenses higher than budget Minor Likely • Contingency funds

due to aging facilities and • Ongoing monitoring
deferred maintenance liability
• Prioritization of critical
projects

Conclusion
The 2023-24 Annual Budget provides the College with the resources required
to deliver on the commitments detailed in the 2023-25 Business Plan and the
College’s 2022-25 Strategic Plan.

While the 2023-24 Annual Budget results in a modest surplus on an accounting basis,
the College is forecasting another year of spending more cash than it
realizes in revenues resulting in a net reduction in cash reserve balances.
The College continues to focus on pursuing opportunities to increase net revenues,
reviewing its spending and through the execution of initiatives from its Financial
Sustainability Roadmap to ensure that the College can mitigate financial risks and has
the resources to invest in the future.

This budget continues the College’s history of investing in the future of the College
and its people. Investments in teaching and learning, academic equipment, physical
and information technology infrastructure, and process improvements will result in an
enhanced learner experience.

Additional details of new initiatives are included in the College’s Annual Business Plan
for 2023-25.

8
PRO FORMA SUMMARY
(All figures in 000’s)
Annual Q3 Annual
Actual Budget Projection Budget Pro Forma Pro Forma
2021-22 2022-23 2022-23 2023-24 2024-25 2025-26

Funded Activity/College Operations

Revenue $ 262,375 $ 284,239 $ 274,407 $ 291,351 $ 301,298 $ 317,854
Expenditures 266,547 290,764 281,954 300,272 308,789 320,256
Net Contribution as per Modified Cash Flow Basis (4,172) (6,525) (7,547) (8,921) (7,491) (2,402)

Contract Activity & Other Non-Funded Activity

Revenue 47,467 46,592 40,964 46,809 63,012 68,053
Expenditures 45,348 42,331 39,739 44,268 57,475 60,538
Net Contribution as per Modified Cash Flow Basis 2,119 4,261 1,225 2,541 5,537 7,515

Campus Services
Revenue 20,148 35,567 33,206 38,341 40,049 40,850
Expenditures 20,587 31,212 29,068 33,804 34,868 35,643
Net Contribution as per Modified Cash Flow Basis (439) 4,355 4,138 4,537 5,181 5,207

International Education Centre

Revenue 46,698 73,277 67,861 86,450 105,052 121,488
Expenditures 34,453 50,398 46,993 60,517 72,029 82,653
Net Contribution as per Modified Cash Flow Basis 12,245 22,879 20,868 25,933 33,023 38,835

Net Contribution on Operating Activities 9,753 24,970 18,684 24,090 36,250 49,155

Strategic Investment Priorities

Revenue 13,029 6,503 8,187 7,495 7,495 7,495
Expenditures 1 33,263 42,160 33,740 42,988 51,008 49,648
Net Contribution as per Modified Cash Flow Basis (20,234) (35,657) (25,553) (35,493) (43,513) (42,153)

Net Contribution as per Modified Cash Flow Basis (10,481) (10,687) (6,869) (11,403) (7,263) 7,002

Non-Cash Revenue Adjustments

Capital Grants recorded as Deferred Capital Contributions (2,224) (1,100) (1,400) (1,100) (1,100) (1,100)
Amortization of Deferred Capital Contributions 7,531 7,900 7,800 8,000 8,200 8,500

Non-Cash Expenditure Adjustments

Expenditures to be Capitalized 14,034 18,700 18,400 21,500 13,100 3,200
Amortization Expense (15,607) (16,200) (15,500) (18,700) (19,100) (22,200)
Change in Vacation, Sick Leave &
Post-Employment Benefits (582) 500 (390) (350) (350) (350)

Add Back: Principal Portion of Debt Payments 3,622 3,846 3,846 6,066 6,513 6,377

Net Contribution as per

Public Sector Accounting Standards (PSAS) $ (3,707) $ 2,959 $ 5,887 $ 4,013 $ - $ 1,429

1. Strategic Investment Priorities Expenditures includes authorized and proposed spending from Internally Restricted Net Assets.
9
PRO FORMA
PRO FORMA SUMMARY - continued
SUMMARY
(All figures in 000’s)
(all figures in $ 000's)
Annual Q3 Annual
Actual Budget Projection Budget Pro Forma Pro Forma
2021-22 2022-23 2022-23 2023-24 2024-25 2025-26
Net Assets

Unrestricted $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000 $ 1,000

Investment in Capital Assets 103,771 122,881 117,484 131,274 138,887 133,668
Vacation, Sick Leave and
Post-Employment Benefits (18,808) (17,225) (19,198) (19,548) (19,898) (20,248)
Internally Restricted
Specific Reserves 37,294 22,296 27,749 14,671 3,958 7,027
Contingency Reserve Fund 9,449 10,988 10,414 11,529 12,575 13,561
Reserve Funds - Future Capital Expansion 27,552 22,940 27,414 27,939 30,313 33,224
Reserve Funds - Net Proceeds from Sale of March Road Land 2,442 2,485 2,473 2,504 2,534 2,566
Endowments 35,383 35,337 36,383 37,383 38,383 39,383

198,083 200,702 203,719 206,752 207,752 210,181

Accumulated Remeasurement Losses (3,398) (3,971) (3,398) (2,198) (1,598) (998)

TOTAL NET ASSETS $ 194,685 $ 196,731 $ 200,321 $ 204,554 $ 206,154 $ 209,183

10
STATEMENT OF FINANCIAL POSITION
(All figures in 000’s)
March 31, 2023 March 31, 2023 March 31, 2024
Annual Budget Q3 Projection Proposed Budget 1
ASSETS
Current Assets
Cash and Short Term Investments $ 76,018 $ 85,932 $ 83,088
Accounts Receivable 29,000 28,000 28,000
Inventory 2,200 2,200 2,200
Prepaid Expenses 4,500 5,500 5,500

111,718 121,632 118,788

Investments 28,500 36,517 30,538

Long Term Prepaid Asset 5,326 5,326 5,216
Endowment Assets 35,337 36,383 37,383
Capital Assets 294,036 290,976 332,018

TOTAL ASSETS $ 474,917 $ 490,834 $ 523,943

LIABILITIES AND NET ASSETS

Current Liabilities
Accounts Payable & Accrued Liabilities $ 29,000 $ 29,000 $ 29,000
Accrued Salaries & Employee Deductions Payable 9,500 9,500 9,700
Deferred Revenue 45,000 55,294 57,000
Current Portion of Long Term Debt 4,084 4,084 6,513

87,584 97,878 102,213

Long Term Debt 28,254 28,254 59,977

Vacation, Sick Leave & Post-Employment Benefits 17,225 19,198 19,548
Deferred Capital Contributions 138,817 141,154 134,254
Interest Rate Swaps 4,203 2,212 1,580
Asset Retirement Obligation 2,103 1,817 1,817

Net Assets
Unrestricted 1,000 1,000 1,000
Investment in Capital Assets 122,881 117,484 131,274
Vacation, Sick Leave & Post-Employment Benefits (17,225) (19,198) (19,548)
Internally Restricted 58,709 68,050 56,643
Endowment Fund 35,337 36,383 37,383

200,702 203,719 206,752

Accumulated Remeasurement Losses (3,971) (3,398) (2,198)

196,731 200,321 204,554

TOTAL LIABILITIES AND NET ASSETS $ 474,917 $ 490,834 $ 523,943

11
1. Includes the projected impacts from the adoption of accounting changes related to the Energy Savings Contract (ESCO).
REVENUE SCHEDULE
(All figures in 000’s)
Funded Activity/ Contract International Strategic Annual Q3 Annual
College Activity & Other Campus Education Investment Budget Projection Budget Actual
Operations Non-Funded Activity Services Centre Priorities 2023-24 2022-23 2022-23 2021-22
Grants
Post Secondary Activity $ 104,149 $ - $ - $ - $ - $ 104,149 $ 107,306 $ 105,440 $ 109,598
Capital & Equipment - - - - 7,495 7,495 7,887 6,503 7,372
Apprentice 7,282 - - - - 7,282 6,554 5,302 4,859
Flow-Through Student Aid 1,610 - - - - 1,610 2,218 1,620 3,618

TOTAL GRANTS 113,041 - - - 7,495 120,536 123,965 118,865 125,447

Tuition Fees
Full-Time Post Secondary 91,695 - - 78,694 - 170,389 145,336 157,411 119,536
Full-Time Non-Funded 473 17,422 - - - 17,895 4,404 3,956 425
Part-Time 9,575 1,212 - - - 10,787 11,139 12,594 11,777
Apprenticeship Fees 1,262 - - - - 1,262 1,128 1,159 690
Student Technology Fees 8,553 - - - - 8,553 7,919 9,054 7,771

TOTAL TUITION FEES 111,558 18,634 - 78,694 - 208,886 169,926 184,174 140,199

Contract Educational Services

Provincially Funded Programs - 9,949 - - 9,949 13,913 20,598 25,473
Corporate & Other Programs 6,365 11,621 - 1,795 - 19,781 25,410 22,582 22,997

TOTAL CONTRACT EDUCATIONAL SERVICES 6,365 21,570 - 1,795 - 29,730 39,323 43,180 48,470

CAMPUS SERVICES SALES - - 38,341 - - 38,341 33,206 35,567 20,148

Other
Students' Association Contribution
(Athletics and Recreation Centre) - - - - - - - - 5,625
Early Learning Centre 1,115 - - - - 1,115 1,118 1,118 764
Student Ancillary Fees 6,139 - - - - 6,139 6,022 6,548 6,090
Investment Income 4,160 - - - - 4,160 2,258 722 704
Transfer from International Education Centre 40,118 - - - - 40,118 30,194 33,301 24,157
Miscellaneous 8,855 6,605 - 5,961 - 21,421 18,613 22,703 18,113

TOTAL OTHER 60,387 6,605 - 5,961 - 72,953 58,205 64,392 55,453

TOTAL REVENUE $ 291,351 $ 46,809 $ 38,341 $ 86,450 $ 7,495 $ 470,446 $ 424,625 $ 446,178 $ 389,717

Funded Activity/College Operations $ 291,351 $ 274,407 $ 284,239 $ 262,375

Contract Activity & Other Non-Funded Activity 46,809 40,964 46,592 47,467
Campus Services 38,341 33,206 35,567 20,148
International Education Centre 86,450 67,861 73,277 46,698
Strategic Investment Priorities 7,495 8,187 6,503 13,029
Total Revenue $ 470,446 $ 424,625 $ 446,178 $ 389,717

12
EXPENDITURES
EXPENDITURES SCHEDULE SCHEDULE
(All figures in 000’s)
Funded Activity/ Contract International Strategic Annual Q3 Annual
College Activity & Other Campus Education Investment Budget Projection Budget Actual
Operations Non-Funded Activity Services Centre Priorities 2023-24 2022-23 2022-23 2021-22
Full-Time Salaries & Benefits
Full-Time Salaries & Benefits - Academic $ 86,021 $ 1,061 $ - $ - $ - $ 87,082 $ 80,237 $ 84,965 $ 77,995
Full-Time Salaries & Benefits - Administrative 31,355 4,288 2,091 1,620 - 39,354 34,741 36,716 31,356
Full-Time Salaries & Benefits - Support 49,723 5,814 4,899 1,049 - 61,485 58,031 55,847 49,360

Total Full-Time Salaries & Benefits 167,099 11,163 6,990 2,669 - 187,921 173,009 177,528 158,711

Other Staff Salaries & Benefits

Other Staff Salaries & Benefits - Academic 39,882 1,463 - 171 - 41,516 42,343 40,979 42,004
Other Staff Salaries & Benefits - Administrative 840 253 - - - 1,093 2,592 3,158 3,972
Other Staff Salaries & Benefits - Support 9,319 2,059 1,681 349 - 13,408 14,763 13,744 12,749

Total Other Staff Salaries & Benefits 50,041 3,775 1,681 520 - 56,017 59,698 57,881 58,725

TOTAL SALARY & BENEFITS 217,140 14,938 8,671 3,189 - 243,938 232,707 235,409 217,436

Other Operating
Mandated Student Aid 5,320 - - - - 5,320 5,321 5,321 5,720
Contingencies 7,751 - - - - 7,751 1,000 5,358 3,417
Long Term Debt Interest 2,411 - 1,171 - - 3,582 2,010 2,010 2,267
Contract Services 16,950 20,532 2,356 10,526 - 50,364 42,546 47,521 38,102
Instructional Supplies & Equipment 5,600 1,716 39 8 - 7,363 7,846 7,562 8,372
Information Technology 13,347 397 342 29 - 14,115 13,289 13,993 13,715
Marketing and Promotion 2,169 477 226 434 - 3,306 2,918 3,185 2,169
Building Maintenance & Utilities 10,346 56 2,212 - - 12,614 15,848 15,737 14,690
Flow-Through Student Aid 1,610 - - 5 - 1,615 2,223 1,628 3,540
Cost of Goods Sold 309 - 12,425 - - 12,734 11,125 12,483 7,797
Transfer from International Education Centre - 226 - 39,892 - 40,118 30,982 33,301 24,157
Principal Portion of Debt Payments 2,941 - 3,125 - - 6,066 3,846 3,846 3,622
Other 14,378 5,926 3,237 6,434 - 29,975 26,093 27,351 21,931

TOTAL OTHER OPERATING 83,132 29,330 25,133 57,328 - 194,923 165,047 179,296 149,499

STRATEGIC INVESTMENT PRIORITIES EXPENDITURES - - - - 42,988 42,988 33,740 42,160 33,263

TOTAL EXPENDITURES $ 300,272 $ 44,268 $ 33,804 $ 60,517 $ 42,988 $ 481,849 $ 431,494 $ 456,865 $ 400,198

Funded Activity/College Operations $ 300,272 $ 281,954 $ 290,764 $ 266,547

Contract Activity & Other Non-Funded Activity 44,268 39,739 42,331 45,348
Campus Services 33,804 29,068 31,212 20,587
International Education Centre 60,517 46,993 50,398 34,453
Strategic Investment Priorities 42,988 33,740 42,160 33,263
Total Expenditures $ 481,849 $ 431,494 $ 456,865 $ 400,198

13
STRATEGIC INVESTMENT PRIORITIES SCHEDULE
(All figures in 000’s)
Annual Q3 Annual
Grants & College Budget Projection Budget Actual
Fundraising Funded 2023-24 2022-23 2022-23 2021-22
SOURCE OF FUNDS
Facilities Renewal Grant $ 4,900 $ - $ 4,900 $ 4,900 $ 4,000 $ 5,396
College Equipment Renewal Fund Grant 1,503 - 1,503 1,503 1,503 759
Apprenticeship Capital Grant 1,092 - 1,092 1,484 1,000 1,216
Students' Association Contribution - - - - - 5,625
Donations - - - 300 - 5
Miscellaneous - - - - - 28

TOTAL SOURCE OF FUNDS 7,495 - 7,495 8,187 6,503 13,029

EXPENDITURES
Major Capital Projects
Algonquin College Sustainability: Improved Heating, Ventilation, and
Air Conditioning Systems (Residence Building) 5,750 5,750 - - -
Athletics and Recreation Centre - - - - - 5,616
Athletics and Recreation Centre Enabling Work / Pedestrian Link - - - - - 3,237
Campus Accessibility - 1,000 1,000 2,126 2,100 1,174
Pedestrian Bridge to Bus Rapid Transit Station - 820 820 341 1,161 1,364
R3 (Student Information System) - 20,000 20,000 15,800 20,000 10,153
Salesforce Lightning Upgrade - 2,245 2,245 1,628 3,154 217
Solar Photovoltaic Plan - - - - - 166

Total Major Capital Projects - 29,815 29,815 19,895 26,415 21,927

Other
Academic & Other Equipment 1,000 - 1,000 1,000 1,000 866
Apprenticeship Capital Grant 1,092 - 1,092 1,484 1,000 1,266
Campus Services - - - 275 275 59
College Space & Infrastructure 4,900 1,689 6,589 5,736 5,527 4,694
College Technologies 503 2,094 2,597 2,561 2,715 1,749
Initiatives & Opportunities - 1,840 1,840 2,327 4,146 2,001
New Program Initiatives - 886 886 962 1,082 701
Adjustment for Anticipated Underspend - (831) (831) (500) - -

Total Other 7,495 5,678 13,173 13,845 15,745 11,336

TOTAL EXPENDITURES 7,495 35,493 42,988 33,740 42,160 33,263

NET CONTRIBUTION $ - $ (35,493) $ (35,493) $ (25,553) $ (35,657) $ (20,234)

14
STRATEGIC INVESTMENT PRIORITIES - Initiatives & Opportunities Projects
(All figures in 000’s)
Annual
Budget
2023-24
Initiatives & Opportunities

Academic Services Program Lifecycle Management System (PLMS) $ 196

Academic Services Strategic Enrolment Envelope 153
Advancement & Strategy Strategic Renewal: College Strategic Plan 2025 40
Finance & Administration Portfolio Analysis 130
Human Resources Employment Equity Project 257
Human Resources Human Resources Programs Envelope 200
Human Resources Strategic Workforce Planning 225
Student Services Marketing Envelope 639

TOTAL EXPENDITURES $ 1,840

15
NET ASSETS CONTINUITY SCHEDULE
(All figures in 000’s)

2023-24 Budgeted 2023-24 Budgeted Budgeted

Q3 Projection
In Year Use of Year End Balance
March 31, 2023
Funds Adjustments March 31, 2024
Specific Reserves
Other Projects & Initiatives $ 25,004 $ 14,153 $ 2,268 $ 13,119
Campus Services Reserve Fund 2,152 5,750 4,550 952
Employment Stabilization Funds 593 - 7 600
27,749 19,903 6,825 14,671

Contingency Reserve Fund 10,414 - 1,115 11,529

Reserve Funds
Future Capital Expansion 27,414 820 1,345 27,939
Net Proceeds from Sale of March Road Land 2,473 - 31 2,504
29,887 820 1,376 30,443

1
TOTAL INTERNALLY RESTRICTED NET ASSETS 68,050 20,723 9,316 56,643

1
TOTAL UNRESTRICTED NET ASSETS 1,000 - - 1,000

Investment in Capital Assets 117,484 - 13,790 131,274

Vacation, Sick Leave & Post-Employment Benefits (19,198) - (350) (19,548)

Interest Rate Swaps (3,398) - 1,200 (2,198)

Endowment Fund 36,383 - 1,000 37,383

TOTAL NET ASSETS $ 200,321 $ 20,723 $ 24,956 $ 204,554

1 - Budgeted balances of Internally Restricted Net Assets and Unrestricted Net Assets includes the impact of budgeted expenditures
from Specific Reserves and Reserve Funds, as well as adjustments to Reserve Funds for the fiscal year 2023-24.
The Board of Governors Financial Management Policy requires that the Board of Governors approve any spending from Reserve Funds.
16
SUMMARY OF FUNDED
SUMMARY POSITIONSPOSITIONS
OF FUNDED
December 31, 2022 Proposed Budget 2023-24
Academic Admin Support Total Academic Admin Support Total

Academic Services
Academic Development 9 6 12 27 9 6 12 27
Academic Operations and Planning 1 4 9 14 1 4 9 14
Algonquin College Heritage Institute 9 3 9 21 9 3 9 21
Algonquin College In The Ottawa Valley 29 7 39 75 29 7 39 75
Algonquin Centre for Construction Excellence 67 4 12 83 67 4 12 83
Associate Vice-President - Experiential Learning and Innovation - 9 26 35 - 9 26 35
Associate Vice-President - Global, Online and Corporate Learning - 27 69 96 - 27 69 96
Faculty of Arts Media and Design 121 9 32 162 121 9 32 162
Faculty of Health, Public Safety & Community Studies 135 11 37 183 135 11 37 183
School of Advanced Technology 120 7 19 146 120 7 19 146
School of Business 93 5 9 107 93 5 9 107
School of Hospitality and Tourism 41 4 10 55 41 4 10 55
Senior Vice-President, Academic Services 9 3 - 12 18 3 - 21
Total 634 99 283 1,016 643 99 283 1,025

Advancement
Advancement Operations - 7 5 12 - 7 5 12
Strategy - 1 1 2 - 1 1 2
Total - 8 6 14 - 8 6 14

Finance and Administration

Campus Services - 16 73 89 - 16 73 89
Enterprise Project Management Office - - - - - 1 1 2
Facilities Management - 12 36 48 - 12 36 48
Finance and Administrative Services - 15 26 41 - 15 26 41
Information Technology Services - 27 99 126 - 27 99 126
Internal Control - 1 - 1 - 1 - 1
Risk Management - 9 1 10 - 9 1 10
Vice-President, Finance and Administration - 2 - 2 - 2 - 2
Total - 82 235 317 - 83 236 319

Human Resources
Employee and Labour Relations - 19 - 19 - 19 - 19
People and Culture - 18 4 22 - 18 4 22
Vice-President, Human Resources - 2 - 2 - 2 - 2
Total - 39 4 43 - 39 4 43

President & Board of Governors

Communications - 4 7 11 - 4 7 11
President's Office and Board of Governors - 4 - 4 - 4 - 4
Total - 8 7 15 - 8 7 15

17
SUMMARY
SUMMARY OF OF FUNDED
FUNDED POSITIONS - continued
POSITIONS

December 31, 2022 Proposed Budget 2023-24

Academic Admin Support Total Academic Admin Support Total

Student Services
Marketing and Recruitment - 3 29 32 - 3 29 32
R3 Executive Business Lead - - 8 8 - - 8 8
R3 Executive Technical Lead - - 4 4 - - 4 4
Registrar - 10 69 79 - 10 69 79
Student Support Services 20 12 41 73 20 12 41 73
Vice-President, Student Services - 2 - 2 - 2 - 2
Total 20 27 151 198 20 27 151 198

Truth, Reconciliation & Indigenization

Indigenous Services and Partnerships - 4 - 4 - 4 - 4
Total - 4 - 4 - 4 - 4

COLLEGE TOTAL 654 267 686 1,607 663 268 687 1,618

The complement report represents the total number of positions for each of the College’s major Areas. Not all positions are 100% funded
in the budget, as some positions are vacant at the start of the year, and other positions have a start date projected other than April 1st.

PROJECTED ENROLMENT VERSUS 2022-23 Q3 PROJECTED ENROLMENT

Projected Q3 Projection
2023-24 2022-23 Variance (#) Variance (%)
Domestic Students 33,747 33,314 433 1.3%
International Students 13,688 10,765 2,923 27.2%
Total Domestic and International 47,435 44,079 3,356 7.6%

Public College Private Partnership 2,333 539 1,794 332.8%

In addition to the above, the 2023-24 Annual Budget supports the following:
Projected
2023-24
Apprentice Seat Purchases 2,781
Collaborative Enrolments 2,619
Total 5,400
18
 2023-24 Pro Forma Summary
Financial Health Indicators
FINANCIAL HEALTH INDICATORS

OPERATING RESULTS: ANNUAL SURPLUS / DEFICIT MEASURING LIQUIDITY: QUICK RATIO

Measuring Liquidity: Quick Ratio

1.7
18,000
1.6
15,000 1.5
1.4

Quick Ratio
Annual Surplus ($,000s)

12,000
1.3
9,000 1.2
1.1 979
6,000
1.0
3,000 0.9 College
Annual Surplus /
0.8 Benchmark
0 Deficit
0.7
-3,000

-6,000

Fiscal Year Fiscal Year

Objective: Objective:
Measures the excess of revenues over expenses in a given year. Fiscal performance indicator testing the college’s ability to pay its short term maturing
Benchmark:
Must be greater than $0. obligations (e.g. biweekly payroll payments).
Rationale: Benchmark:
An annual deficit or declining surpluses may indicate a decline in an institution's financial health. A ratio of 1 or higher indicates that a college should be able to meet its short term
obligations.
Rationale: A ratio of 1 is a typical business standard. Less than 1 may indicate that
a college is not able to meet its short term obligations. When including surplus cash
invested in longer term investments (greater than 1 year) Algonquin’s Quick Ratio is

19
FINANCIAL HEALTH INDICATORS

OPERATING RESULTS: NET ASSETS TO EXPENSE RATIO OPERATING RESULTS: NET INCOME TO REVENUE RATIO

110% 4.5%

4.0%
100% 3.5%
Net Assets to Expense Ratio

3.0%

Net Income to Revenue Ratio

90%
2.5%

2.0%
80%
College 1.5% College
Benchmark Benchmark
1.0%
70%
0.5%

60% 0.0%

-0.5%
50% -1.0%

-1.5%

Fiscal Year
Fiscal Year

Objective: Objective:
A traditional indicator to ascertain the ability of a college to continue operations in the This ratio measures the return an institution generates on each dollar of revenue.
event there is a delay in revenue streams. Benchmark:
Benchmark: Less than 1.5% may be a concern because it may indicate that the college may not be
60% or higher. able to recover from a deficit position in a reasonable period of time.
Rationale: Rationale:
A net balance that is less than 60% of annual expenses may indicate a lower tolerance A surplus less than 1.5% of revenues indicates that small changes in expenses or
for variable or volatile revenues. revenues may result in annual deficits for the institution.

20
FINANCIAL HEALTH INDICATORS

MANAGING DEBT: TOTAL DEBT TO ASSETS RATIO MANAGING DEBT: DEBT SERVICING RATIO

40% 3.5%

35%
3.0%
Total Debt to Assets Ratio

30%

Debt Servicing Ratio

2.5%
25%

20%
2.0%
College College
15%
Benchmark Benchmark
1.5%
10%

5% 1.0%

Fiscal Year Fiscal Year

Objective: Objective:
Measures the proportion of total assets that are financed by debt. A high or increasing This ratio measures the College’s spending on servicing the debt portfolio.
value may be predictive of future liquidity problems or a reduced ability to borrow Benchmark:
money in the future. A ratio of 3% or lower, based on historical trend analysis and industry standard.
Benchmark: Rationale:
Greater than 35% leads to a concern as this may indicate that a college will not be A ratio of greater than 3% may indicate a reduced or restricted cash flow as the
able to finance their ongoing operations due to the debt burden. College is spending less than 97% of revenues on core services.
Rationale:
A high debt burden may indicate that the institution is vulnerable to its creditors, or will
have reduced liquidity or a reduced ability to borrow in the future.

21
FINANCIAL HEALTH INDICATORS

ACCUMULATED SURPLUS/(DEFICIT)

175,000
170,000
Accumulated Surplus ($,000s)

165,000 2015-16
160,000 2016-17
2017-18
155,000 2018-19
150,000 2019-20

145,000
140,000 Accumulated Surplus
135,000
130,000

Fiscal Year

Objective:
Represents the cumulative wealth that an institution has under its own control to assist with
ongoing operations.
Benchmark:
Must be greater than $0
Rationale: An accumulated deficit indicates that the college may have borrowed to support its
past operations and will have to make up this difference in the future.

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THANK YOU
To the College Budget Committee

I would like to conclude by thanking all of those involved in the development of the Annual
Budget for their hard work and ongoing commitment to the College, with a special mention
of the efforts of the College Budget Committee (CBC):

• Alanna McDonell, (Chair), Director, Marketing

• Ernest Mulvey (Vice-Chair), Director, International Education Centre
• Annette Bouzi, OPSEU Local Academic Staff Union President
• Maggie Cusson, Dean, Academic Development
• Christine Kelsey, OPSEU Local Support Staff Union President
• Teri Kinnunen, (Resource) Manager, Corporate Planning
• Erin Langevin, Director, Labour Relations
• Mark Leduc, Executive Director, Academic Operations and Planning
• Eric Marois, Dean, School of Advanced Technology
• Grant Perry, (Resource), Chief Financial Officer
• Lois Pollock, Chief Digital Officer
• Joanne Souaid, Associate Director, Advancement Services
• Ryan Southwood, Executive Director, Facilities Management
• Emily Woods, (Resource), Director, Corporate Planning

Duane McNair
Treasurer and Vice President, Finance and Administration

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