CFO Larry English delivered some unexpected good news to the May 18 Board of Governors meeting, held at Loyola. Although the university's operating budget is still projecting a deficit, new funds injected by Quebec City may turn an overall anticipated $3.8-million deficit into a possible $6-million overall budget "surplus."
Concordia received a $9-million share of the $100 million earmarked in the last provincial budget to help universities with their deficits, as well as an unexpected $1 million in added funds to cover cost-of-living indexation of salaries in the public sector.
To add to the good news, English also reported that Concordia's accumulated debt, which stood at $36 million in the 1996 fiscal year, would be cut to $12 million by the end of this year. English compared this to several other Quebec universities whose accumulated debts are approaching $100 million and still climbing. "Not only does this reduce our interest payments on the debt, but Concordia is now on solid financial ground and in a very favourable position for the future," English added.
Task force report
The Board received the "Report and Recommendations of the Task Force to Review the 1994 Rules and Procedures for Advisory Search Committees." Headed by Sister Eileen McIlwaine, the Task Force has produced a set of proposed rules and procedures encompassing search selection, appointment and extension for senior positions. It also raised the issue of the evaluation of incumbents before a search process is initiated. The Board agreed to receive the document and forward it to Senate for further discussion.
Rector Lowy announced that despite being widely advertised, the search committee for Vice-Rector, Institutional Relations, and Secretary-General received only nine applications, with only the incumbent applying from the internal community. Lowy attributed the limited response to the strong performance of the incumbent, Marcel Danis. Lowy reported that the search committee, after careful examination, decided to retain only his candidacy, and outlined his accomplishments during his mandate. Vice-Rector Danis will give a presentation at an open meeting on Monday, May 5. See notice, this page.
The Rector also announced that after wide consultation with community members close to the financial and budgeting dossiers, he will propose another five-year contract to CFO Larry English. Concordia's first CFO, he was hired in June 1996.
The Board was given an overview of a successful year in the Faculty of Commerce and Administration by outgoing Commerce and Administration Students' Association president Deepak Boojhawon, who was thanked by the Board for his hard work and enthusiasm.
- Laurie Zack