The November 2015 revision to the Students’ Society of McGill University (SSMU) Global budget, approved on Nov. 30, 2015, reflected changes from SSMU’s earlier financial plan approved this past June. The largest changes were seen in the Student Fees and University Centre Operations sections of the revision.
A difference of over $55,000 between the June and November budgets can be seen in the Student Fees department, with SSMU noting that revenue from fees was initially estimated conservatively and ended up generating more funds than predicted. The updated budget projects approximately $1.77 million in revenue from total student fees in the 2015-2016 academic year.
Administrative fees also saw a significant drop from the June budget, from $1.36 million to $1.35 million. This is due to a decrease in salary expenses following the resignation of the building director, the general manager (GM), and the SSMU Vice-President (VP) Internal. This change is only around $7,000 because of an increase in paid student staff to offset the effects of the permanent staff resignations.SSMU also spent $17,000 in GM recruitment and $5,000 in legal fees.
University Centre Operations is budgeted at $371,644, more than 60,000 more than SSMU projected in June. This is due in part to increased expenditures of materials and supplies, as well as maintenance costs, such as the repairs on the ramp to the main entrance of the SSMU Building. Under this portfolio, increases in both Gerts’ profits and security costs are stated to be the result of the accounting change. Due to the fact that security costs are no longer charged to Gerts, the bar saw an increase in profits while security showed an increase in expenses.
Additionally, the president’s portfolio is budgeted at $3,576 more than in the previous budget, following the establishment of the Family Care department at McGill. This sum of money will be used in the planning of orientation events for student parents, and undergraduate membership in the Post-Graduate Students’ Society (PGSS) Study Sundays program, a monthly event for student parents to study and receive free childcare.
SSMU reported a negative $22,000 change in the Food and Beverage Operations Department, mostly due to budgeting of the Student-Run Cafe (SRC). Prior to the revision, the Cafe was budgeted as if it had reached full sales potential right after its opening. The SRC reported a decrease in food sales revenue by approximately $90,000 net of food cost and salaries.
The VP Internal’s portion of the budget review states that the 2015-2016 Old McGill Yearbook is not predicted to run a deficit. This is attributed to a plan for the Yearbook to be covered by a separate fund or be published online.