DEFICIT PROBLEMS AND SOLUTIONS OVERVIEW Significant Issue Facing - - PowerPoint PPT Presentation

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Dec 31, 2022 310 likes •457 views

SCD272-16 DEFICIT PROBLEMS AND SOLUTIONS OVERVIEW Significant Issue Facing the Society- Deficit Actions needs to be taken VP Finance held consultations Available everyday Via email In person Many possible solutions

SLIDE 1

DEFICIT

PROBLEMS AND SOLUTIONS

SCD272-16

SLIDE 2

OVERVIEW

Significant Issue Facing the Society- Deficit
Actions needs to be taken
VP Finance held consultations
Available everyday
Via email
In person
Many possible solutions
Opportunities and challenges
Decision needs to be made

SLIDE 3

RESPONSES:

No interest from Councillors
Statistics:
Consultations: 0
Emails: 0
In person inquiries: 0
Interest from students and groups
Statistics:
Consultations: 6
Emails: 0
In person inquiries: 2

SLIDE 4

CURRENT SITUATION

Initial budget surplus of FY15/16: $230,000
Projected budget deficit of FY15/16: $100,000
Projected budget deficit of FY16/17: $550,000
Ceteris paribus
FY16/17 $450,000
Projected budget deficit of FY17/18: $900,000
Ceteris paribus
FY17/18 $450,000

SLIDE 5

LONG TERM PROBLEMS

Fluctuating business’ contribution
E.g. FY15/16 decrease from $350,000 to $17,500
Funds
Locked funds
Cleared funds
Increased expenditures
Minimum wage increase

SLIDE 6

SOLUTIONS:

Fee Restructure
Complete
Decrease/ Increase
Increase of General Membership Fees
Funds Overflow
Business Review
Significant Budget Cuts
Long Term Financial Plan
PAI goal

SLIDE 7

FEE RESTRUCTURE

Complete
Long term project
Consultations
Communication
Direction
Opposition
Decrease/ Increase
Consultations
Communication
Direction
Opposition
Increase of General Membership Fee
Opposition

SLIDE 8

REFERENDUM

SLIDE 9

AMS GENERAL MEMBERSHIP FEE

$38.44 per member
9% of all fees
Proposal:
Total fee: $42.64
Increase of $4.20 per member
11% increase
9.8% of total fees

General Fee Capital Projects Fund Fee Student Aid Bursary Fee Athletics and Intramural Fee Ombudsperson Fee Sexual Assault Support Services Fee SUB Renewal Building Fee WUSC Fee Resource Groups Fee Lighter Footprint Fee International Fee Bike Kitchen Fee Clubs Benefit Fee Childcare Bursary Levy Fee CiTR Fee

SLIDE 10

REASONS FOR GENERAL MEMBERSHIP FEE

Least complex fee change
Increased discretionary income
Necessary for supporting the AMS Services
Quick and short term solution
No need for consultation

AMS Fee $38.44 Successful Referendum AMS fee $42.64

SLIDE 11

REASONS FOR $4.20

$4.20

FY16/17 Deficit of $450,000
Additional $200,000 from fees
Increased number of students
Increased business contribution
Currently at $17,500
Deficit includes contingency
Possible minor budget cuts

Balances budget Additional Reasons:

Minor increase
Campaign

SLIDE 12

MOVING FORWARD

Long Term Financial Plan:

Overview of the entire Society

SLIDE 13

QUESTIONS