The College’s budget development process is a continuous cycle that kicks off in the fall of each year. Like all other post-secondary institutions in our province, GPRC must collaboratively develop and submit a balanced budget to the Government of Alberta.
The College's budget supports strategic plannning through alignment of priorities, strategies and financial resources, and takes into account the needs of learners, industry and the province. After consultation and careful review of available information, a balanced three-year plan is created annually, then revisited and updated every budget year. Each budget cycle provides an opportunity for review and revision to ensure accountability and responsiveness to ever-changing conditions.
There are a number of considerations that influence the budget creation, including 5GPRC Strategy, enrolment projections, current or future-focused initiatives, environmental factors, and government expectations and funding models.
This year in addition to anticipating results from the government's ongoing post-secondary review, GPRC will continue its progressive shift to a performance-based funding model. We must also take into account the evolving COVID-19 landscape and the associated economic and regional impacts.
Where does the money come from?
GPRC relies on various sources of revenue for our operations including:
- Provincial government operating funding: 63%
- Tuition and fees: 13%
- Restricted grant funding (including Research): 12%
- Sales of services and products: 10%
- Investment income and other (including donations): 2%
Where does the money go?
Just as with any other budget - personal or business - there are regular yearly expenses that shape calculations. These include things like:
- improving student exerience through modern and efficient ways of learning
- offering inclusive student supports and services
- ensuring competitive salaries/benefits to attract and retain innovative faculty and staff
- developing strategic initiatives to align with community and industry needs
- maintaining College buildings and covering ongoing operational costs
How does GPRC plan its budget?
The journey to a finalized budget includes several key milestones and important deadlines. Stakeholder engagement, consultation and regular communication are integral components of nearly every phase along the way.
- Operational plans are finalized
- Senior leadership collaborates on the alignment of plans and considers budgetary implications
- High-level summaries of draft budget reductions and investments is compiled
- Government of Alberta funding announcement is expected
- Budget expectations communicated to Senior Leadership Team
- Senior Leadership Team consults with staff and faculty as detail budget plans are created
- Continued consultations with stakeholders
- Communication to stakeholders regarding Government funding announcement and budget impacts
- Compilation of budget plans for presentation to the President and Executive Council
- Budget decisions reviewed and approved in principle by the President
- Budget presented to the
Board of Governors for approval
- Budget submitted to the Government of Alberta
- Prepare communications for stakeholders
- Communications to
- Budget implementation plans are carried out
Read about each step of the budget cycle in more detail