Strategic Exercise to Restore Financial Sustainability (SERFS) Frequently Asked Questions
What is the ‘roadmap’ that will be developed during this project?
The roadmap will be a document that will identify where we are today in terms of financial sustainability and where the College needs to be in order to be financially sustainable over the long term. The strategy will include the future state we hope to achieve and the work and activities we need to undertake in order to get there over a period of time.
The roadmap we want to create can help us prioritize and focus our energies and resources to ensure the College is here for the learners of today and well into the future.
I have some ideas – how can I help?
We’re keen to hear what you’re thinking and get your feedback on how to move forward. Every employee and learner is a stakeholder in the success of the College and we welcome your input. The best way to reach us is to submit a Feedback Form with your ideas and comments or complete a brief survey.
Why is the College taking up SERFS now?
Over the last few years, the College has faced several fiscal challenges. Our core operating grants from the Province have transitioned from an enrolment growth model to a performance-based funding model that holds the grant value constant for several years. Tuition fees were reduced by 10% and then “frozen” by the Provincial government. Yet, our enrolment has continued to grow along with operating costs. The College cannot afford to keep doing everything it is doing and still have sufficient resources to take care of our core essential infrastructure, programs and services. The COVID-19 pandemic has exacerbated the financial challenges we were starting to experience prior to the crisis.
Now is the time to establish a plan to build the College up to be successful and continue to provide outstanding programs and services to our learners of today and tomorrow.
Who is leading this project?
Under the direction of Duane McNair, the Vice President, Finance and Administration, a project team will lead this exercise. A working group comprised of representatives from across the College will work with the project team. The working group is meeting virtually until March 2021 and be a key support for the project team through the research and consultation process.
How can I get involved?
Engagement and consultation will be part of this process.
Your input is important – along with planned consultative activities, feedback can be provided here.
On Feb. 18, 2021 from 3 to 4 pm, we are hosting a virtual information sharing session and invite you to join the conversation. You will hear more about the SERFS project, the work that’s underway, and have the opportunity to ask questions. You can register for the event at this link. Questions can be pre-submitted here.
Why is this project underway?
The serious financial impacts of COVID-19 necessitate that we must develop a strategic direction and framework to will support long-term financial sustainability for the College. The project objective is to develop a framework that ensures the future financial health of the College.
What is the Strategic Exercise to Restore Financial Sustainability (SERFS) project?
The Strategic Exercise to Restore Financial Sustainability (SERFS) project is underway over the coming months to develop a strategy to put the College back on a path to long-term financial sustainability. This will be a research driven and consultative exercise. These activities will support the development of a roadmap towards financial sustainability, aligned with the College’s strategic direction.