We are excited to share that in 2022-23, we have been working hard to create programs, events, and services focused on students and aim to enrich their lives here at Sheridan College.
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 2022-23, this year marked a return to “normal” operations. Enrolments have gradually returned to pre-COVID levels with more students attending on campus than the previous year. The increase in revenue is due to enrollment growth and the re-opening of the food and beverage operations with the existing two campuses and the new HMC student centre. 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 return of on-campus activities and the rise in inflation, expenses have also increased correspondingly. The opening of the new HMC campus has resulted in SSU carrying a loan to finance the new student centre, which resulted in loan and interest payments.
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 new and expanding financial obligations to service the new HMC student center and two other facilities.
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 $11,064,000, which exceeded our expenses of $9,815,000. As a result, we made significant contributions to our restricted reserves, such as building, capital, and health and dental plan funds, etc.
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.
SSU has set aside a budget of $6.2 million to refresh the student centres at the Davis and Trafalgar campuses. The refresh projects are scheduled to be completed by Winter 2024 and Fall 2024 for Davis and Trafalgar, respectively. 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 7-10 years and another within 12-15 years.
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.
Sheridan Student Union takes pride in being one of the largest employers of students on campus within the college. We are committed to re-establishing a range of paid student positions to serve the Sheridan College community. We look forward to continuing this endeavour.
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.
In our commitment to creating fun, accessible, student focused spaces at each campus, we invested in a significant refresh of The Den at our Davis campus Student Centre.
Here is a sneak peek at this new and improved student space. Coming soon!
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