From Board Notes, July 4, 2013: Cap U's Board of Governors held a special meeting to consider asking the provincial government for permission to spend $1,075,000 in 2013/14 and $2.7 million in 2014/15 on one-time capital projects.
Cindy Turner, VP Finance, reported that Cap had $12,259,652 in unrestricted funds on March 31, 2013. This amount is more than the $8.8 million in unrestricted funds reported to the Board at the April 2013 meeting because the larger amount includes the “9000 accounts”; that is, accounts which are put aside by various internal Cap areas, generally with specific uses in mind. In accounting terms, those 9000 accounts are unrestricted.
Cap has a “contingent liability of up to $4.4 million for retired CFA members extended health and dental benefits,” which are subject to an outstanding grievance. If Cap loses the grievance then, Cindy said, Cap will have to come up with $675,000 in the current year 2013/14, which will mean another round of immediate cuts. Be clear: students, staff and faculty have cause to worry. Clearly the University should begin the community-wide consultation now on what to do if an additional $675,000 is needed in the current fiscal year. Click here to read the remaining notes from last night's special meeting.