Annual Report (final) - Osgoode Hall Law School - York University

Budget
The budget of Osgoode Hall Law School is allocated in support of its core teaching, learning and research mission. In 2007-08,
Osgoode budgeted $19.7m in Total Revenue and $20.2m in Total Expenses, resulting in a negative Net Balance of $517k. Actual
Total Revenue came in at $20.2m or 2.4 per cent higher than budgeted, a result of increases in base allocation and restricted
donations. On expenses, Total Salaries and Benefits was slightly higher than initial budget at $16.5m. While Total Expenses was at
$20.6m or 1.9 per cent higher than initial budget, it was offset by the increase in revenue received, resulting in a negative Net
Balance of $439k, an improvement of 15.2 per cent over initial budget.
Osgoode Professional Development (OPD) budgeted $5.15m in Total Revenue and $4.75m in Total Expenses, resulting in a Net
Balance of $405k. Actual Net Balance came in on budget at $408k. The non-degree programs developed and delivered over the
past year have been very successful and well-attended.
Consolidating Osgoode and OPD, the 2007-08 budgeted Net Balance was negative $113k. Actual Net Balance came in at negative
$31k, an improvement of 72.6 per cent. As a result, the negative Carry Forward is at $5.90m.
Osgoode is expected to receive an additional of $242k in differential tuition revenue for 2007-08, which would bring the
consolidated year-end Net Balance to a positive $211k and a negative Carry Forward of $5.62m. This represents a 6.0%
improvement over initial budget. This variance will be reflected in the 2008-09 budget.
In 2008-09, Osgoode’s Total Revenue is budgeted at $20.6m. With Total Salaries and Benefits increasing to $17.2m, Total Expenses
is budgeted at $21.1m. Therefore, the budgeted negative Net Balance is $551k.
OPD’s Total Revenue is budgeted at $6.01m, with Total Expenses at $5.64m. This results in a Net Balance of $428k for 2008-09.
Consolidating both Osgoode and OPD, the Net Balance is negative $123k, increasing the negative Carry Forward slightly to just
over $6.02m.
The negative carry forward accumulated over the past number of years is the result of an investment in complement, alumni and
development activity that will be managed over the next few years through plans developed by the School and approved by the
Vice President Academic and Vice President Finance & Administration.
Osgoode administers an extensive student financial assistance program for its students. This is derived from (i) endowment
income that has been raised from private donors and the endowment now exceeds $20 million, and (ii) a holdback of a portion of
the deregulated portion of tuition. In 2007-08, over $3.4 million was provided to law students in the form of scholarships, awards,
bursaries and prizes.
42