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President Runte takes the podium, starts talking about Voltaire
i) Voltaire's two categories of problems; natural and man-made,
ii) Starts talking about the natural disaster in Japan, and the "bravery" of the student raising money,
iii) Elections: the need for a plan, a financial plan. Need to draw and retain students. Our projections are bad. Please be nice to students and recruit (this addressed to the faculty).
iv) Some talk about building bridges to the future of economic growth, about the Indian Centre, training, employability. Passes mic and pension-talk to V.P. Duncan Watt

Watt takes the podium, congratulates the Ravens basketball team.
i) The Pension: $768 million
Operating budget: $314 million; $148M from gov't, $151M from tuition, $15M from interest, misc, fees and income.
Residence expenditures: $70 million
Ancillary budget: $63 million
Capital Construction: $100 million
Endowment fund: $274 million
Operating expenditures: $313 million; $182M on salaries, $27M in pension contributions, $23M on student aid.

ii) Pension in trouble since 2001 tech bubble burst; $685M in 2010, solvency deficit of $77M, "going concern" deficit of $51M. Need to apply to the two-stage provincial solvency relief program.
iii) Student applications down by a little over 4%, approved applications down by ~2.4%. But, number of applications up in Ontario as a whole. University short of 40 Ph.D's, 20 more Masters students than expected.
iv) Reductions: 4% planned (to be done by departments).
v) Increases in tuition: 5% increase planned for undergrads.
vi) Pension plan expected 6.5% growth, 30-year bonds at 4%. Plan had been at ~$850M before the American housing bubble burst.
vii) Pension Benefit Guarantee Fund: $1M/annum starting 2010-2011; also, grievances files by CUPE 2424 and 910 over changes to the pension plan, which included increases in payments.
viii) Trying to spread-out payments into fund to prevent sharp increases (through solvency relief)
ix) Planning assumptions: Student retention continues like it has for the previous three years, domestic tuition increases by 3%/annum after 2011-2012, dip in enrollment in 2011-2012, followed by a modest increase, no new funding asides from promised gov't increase in graduate funding.
x) Plans: Recruit, retain, evangelize, improve student experience, get more research funding.

Question Period
i) Nick Falvo on grad-funding; Watt replies that grads are counted as an expense.
ii) CUPE rep: why cause fights with union if applications are down (poisons environment, bad press); Watt: focus groups reveal no cause of drop, Admin: focus group indicates problems are program deficiencies and location (too close to parents, too far from parents), career-focused programs demanded.
iii) From Geography admin: what's this about attrition, what about refilling positions? Watt: To make 3% reduction, some departments will reduce their budgets by not refilling positions; no lay-offs.
iv) How about utility reduction, turn off the lights, save $1M? Watt: It's a problem, we're crunching numbers, need ideas, Runte: We are totally environmental!
v) Will you release the capital budget, given that you harassed CUSA and the GSA (two bodies which are independent of the University) to release their budgets? Watt: Yes, maybe, it might be there on the website already...

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