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Financial Guidelines

  • Owner: Financial Services 
  • Approval Date(s):  November 2004

Toronto Metropolitan University (the "University") is committed to managing its affairs in a fiscally responsible manner, taking into account its available financial, human and physical resources.

The University's financial plans will support the University’s Mission, the President’s Vision and the Academic Plan. The plans will reflect the needs and requirements of students, faculty, and staff, as well as the requirement to develop and maintain the University’s infrastructure.  The University recognizes and values academic and administrative support services, both of which are essential in meeting student and faculty needs.

Annual Operating Budget

The University is committed to:

•      achieving a balanced annual operating budget.  In the exceptional circumstances when this is not possible, the budget will be accompanied by a viable plan to address the shortfall within a reasonable period of time;

•      working towards ensuring that qualified students are not prevented from completing their studies for financial reasons;

•      attracting and retaining the brightest and most qualified faculty and staff, which require that it provide competitive salaries and other forms of compensation, and quality physical facilities and infrastructure to support teaching, learning and SRC (scholarly, research and creative) activities;

•      the belief that ongoing and appropriate public funding is essential to ensuring quality programming;

•      ensuring that resource allocations are made in the context of intergenerational needs and issues.  For example, tuition fees of current students must be weighed against the need to maintain the physical, teaching and technological infrastructure for future students.

Capital Projects

The University is committed to:

•      ensuring that long term projects are accompanied by financial plans that relate expenditures to sources of funding and take into account both capital and ongoing operating costs, including interest on loans incurred to finance the projects;

•      managing its capital debt over the long term to the median level of its peer group.

Cash Management

The University is committed to:

·      managing its available cash balances in an efficient, risk averse manner.  This includes the development and ongoing monitoring of a multi-year plan that integrates current cash resources with future financial commitments.

In some circumstances exceptions to these Guidelines will be necessary and appropriate, but in each case they will be accompanied by a plan that is presented to the Finance Committee. The plan will include the steps to conform with the applicable guideline on a timely basis.