This year, ancillary fee revenues were collected in anticipation of offering full student services in person at three student centres.

Looking at revenues and expenses for 2023-24, there was significant growth in student enrolment leading to increased revenue.  At the same time, this resulted in higher operating expenditures from increased student services and activities.  Interest revenue earned from the reserve balances has increased significantly due to the rapid and significant increases in interest rates.

On the other hand, with the continuing rise in inflation, expenses have also increased correspondingly. The completion of the refresh project for the Davis campus has resulted in higher operating expenditures from the re-opening of the food and beverage operations and increase in services.

The audited financial statements available here present some information related to the year-over-year position of our fiscal reserves. Our largest reserve accounts, such as building, capital, and health and dental plan funds, are tied to ongoing and future payment commitments for mortgage financing and health and dental plan. Recent surpluses have inflated SSU's reserves at a time when it is crucial to focus on building the capacity of these reserves. This is because we have current and future financial obligations to service and expand the three existing student centres.

While our annual impact report generally focuses on a high-level synopsis of Sheridan Student Union’s fiscal position, some noteworthy elements are worth commenting on. Specifically, our revenues amounted to $17,164,000, which exceeded our expenses of $13,036,000. As a result, we made significant contributions to our restricted reserves, such as building, capital, and health and dental plan funds, etc.

Looking ahead…

With the goal of building equity in student experiences throughout our three campuses, SSU is proud of the many new capital initiatives in our short- and long-term capital plans.

The Trafalgar refresh project is currently in progress and scheduled to be completed by Winter 2025.  This is part of the $6.2 million budget to refresh the student centres at the Davis and Trafalgar campuses. We are thrilled and eagerly anticipate unveiling these new spaces to welcome our students.

The Sheridan Campus Master Plan has identified the Davis and Trafalgar Student Centres as "end of life" soon. The SSU has prepared a multi-year capital plan to ensure a long-term vision. This plan aims to construct one new student centre within the next few years and another one thereafter.

In January 2024, the Canadian Federal government announced that a national cap would be imposed on the intake of international students for 2024 and 2025. This decision has caused a significant challenge not only for SSU but also for student unions across Canada, who derive most (and in some cases all) of their revenue from student fees.  The SSU is a member of Canadian Alliance of Student Associations (CASA) and Ontario Student Voices (OSV) to advocate on behalf of the students.

We continue to enhance our operational and reserve capacities to support three large campuses and a long-term capital plan. Thanks to our healthy financial position, as presented on the audited financial statements, we are confident that we have the fiscal capacity to take on these substantial challenges.

The Marquee Renovation

This renovation embraces a unique design approach that reflects the creative culture of our Trafalgar campus. To create a multi-functional and engaging student space, it is essential to consider what matters most to students: flexibility, accessibility, and comfort. For the TRC renovation, we focused on versatile study areas that accommodate both group and individual study, lounge seating, and dining. The team also introduced some natural lighting that was missing in the space before.

These spaces were designed to promote social interaction and relaxation and it was all student led!

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