Ryerson’s deficit $500,000 more than projected

February 17, 1999

By Liam Eagle

By the end of March, Ryerson could be $500,000 more in the red than originally expected.

At a November meeting of Ryerson’s board of governors, the school projected its year-end deficit would be $500,000 more than predicted in the 1998-99 budget, raising the deficit to $700,000 from $200,000.

But Janice Winton, executive director of financial services, expects that by the end of the fiscal year on March 31, the total “will probably be closer to the original projection.”

“In November we look for anything that’s going to set us off track,” she said, adding that the mid-year projections are usually overstated.

Some of the expenses that factor into the increased deficit projection are monetary settlements made with two of the school’s unions — the Canadian Union of Public Employees (CUPE) and the Ontario Public Service Employees Union (OPSEU) — as well as some non-union workers, and the hiring of more computing staff.

In the salary settlements, Ryesron is obligated to pay up to $1,000 to some of its employees.

While the 1998-99 fiscal year hasn’t come to an end, the school is already planning next year’s budget. Some anticipated costs include the creation of an information technology program and the hiring of 78 new professors for September, Winton said.