Faced with mounting economic challenges in the coming years, Sudbury's Laurentian University has unveiled its official plan to regain fiscal sustainability.
Though already approved by its Board of Governors in late February, the plan was only recently released to the public and features a mix of cost-cutting measures and revenue-generating initiatives.
Much of this new revenue is being pinned on increasing student enrolments, which will involve increasing outreach efforts into other segments of the population, including francophones, Aboriginals and southern Ontario markets.
The Internet is also being pegged as another important recruitment tool, alongside enhanced marketing and communications efforts.
Stronger retention measures, as well as a restructured ...., are other important elements highlighted in the report.
"It's an important document, and I think it really hits the notes that need to get things on track in this extremely difficult time not only for us but schools and businesses around the globe," says Acting President Robert Bourgeois.
Currently, Laurentian's deficit is expected to to rise to $11 million, $13 million and $15 million over the next three years to reach a cumulative total deficit of $44 million.
Under the new plan, the deficit is expected to fall from $5.4 million to $4 million in 2009-2010, down to $2 million in 2010-2011, and finally to reach zero by 2011-2012. In this scenario, the cumulative deficit would be $11.5 million.