Annual Report 2010/11

Revenue2011: $222.6 million (2010: $216.4 million) Consolidated Statementof OperationsRevenue highlights• Government grants decreased by $3.3 millionand there is a continuing freeze in operatingfunding.• The freeze was offset by increases in tuition andfees of $8 million due to enrolment growth fromCanadian and international students, includingincreased enrolment for the new degreeprograms in science and nursing. The universityalso implemented an approved annual tuitionincrease.• Investment income increased by $1.9 million asa result of the improved financial markets duringthe year.Expense highlights2011 2010Government of Alberta grants 49% 52%Federal and other governmentgrants 0% 0%Student Tuition and fees 33% 30%Sales of services and products 12% 13%Amortization of deferredcapital contributions 3% 3%Contract programs 1% 1%Donations and other grants 0% 1%Investment income 2% 1%• Salaries and employee benefits expensesincreased by $9 million as a result of increasedstaffing levels to support new initiatives and newdegree programs. Timing differences betweenthe plan and budget for new faculty positionsand actual hiring of new faculty has resultedin a significant positive salary variance. Also,the complement management process thatwas in place during the year resulted in hiringchallenges which, combined with other vacancyissues, added to the overall positive variance.These positive variances were partially offsetby higher non-faculty costs related to additionalterm staff and overtime required to managenumerous concurrent projects such as the ERPimplementation.• Materials, supplies and services increasedby $1.6 million due to contracted services foruniversity capital projects.• Amortization of capital assets increased by $1.9million due to capital renovations and the ERPproject.Annual Report 2010/2011 33