UMSU Set to Project a Year-End Surplus Under Nagra Leadership
For the first time since the 2008/2009 fiscal year, the University of Manitoba Students’ Union (UMSU) is proud to be projecting a year-end budget surplus for the 2016/2017 year under the leadership of UMSU President Tanjit Nagra. Nagra is quick to credit her team for their dedication, hard work and tireless commitment in contributing to this success.
“I’m so proud of UMSU’s financial projection,” says Nagra. “From the governance end of things, much of this success can be accredited to our elected UMSU Councillors, members of our Finance Committee, and my phenomenal Executive Team. All year, we asked tough questions and ensured we were being transparent and accountable to our membership.”
This year also marks the first ever Frosh Music Festival successfully hosted within budget. As the most colossal and eagerly anticipated orientation event at the University of Manitoba, before this Frosh had not once come in under budget, including the inaugural event five years ago.
“This was the first year ever that we have had a Frosh Music Festival in-budget, and we were able to do so without having to ask student associations and other internal independent funding recipient groups of UMSU to cover costs,” says Nagra.
A testament to sound financial planning, this year all six UMSU businesses – Degrees restaurant, The Hub Social Club, G.P.A.’s Convenience Store, IQs Café & Billiards, the Digital Print & Design Centre (DPDC), and UMSushi – are projected to bring in a revenue surplus. With some having already beat their financial expectations for the year back in March, these businesses have continued to provide essential services and recreational opportunities to students while practicing effective, responsible monetary management. UMSU’s businesses also employed over 75 students this year, providing a source of income and pleasant work environment just steps away from classes and study spaces.
“I’m very excited that ALL of our six businesses are in the black and also projecting a profit. Our business managers have been working hard all year to hit their goals,” explains Nagra. “Our General Manager worked very closely with the entire Business Management Team to ensure financial success while continuing to provide students with a service. This was a complete team effort and I’m very grateful to everyone on the UMSU team.”
Within this year’s financial success, UMSU was able to invest more funds in students through student clubs and travel grant funding with direction from the Member Services Committee. Student clubs have seen a funding increase of 25% from last year. This additional allotment of funds has gone to support student clubs’ plans, promotions and programs as well as student travel for conferences and academic events. The UMSU Executive Team also boosted sponsorship supports for community events and initiatives, and ensured that students experiencing challenges or going through difficult times received the help they needed with increased hardship funding. Next year, UMSU hopes to uphold and improve upon its financial achievements of 2016/2017.
“In the upcoming year, we look forward to continuing down the path to serve students in a fiscally responsible way – putting funding where it’s needed and ensuring we are acting in the best interest of UMSU and its members,” Nagra says. “This will include new and improved efficiencies and many re-vamped services.”
President Nagra and the UMSU Executive invite all University of Manitoba students to review the final budget for the 2016/2017 fiscal year upon its release. The budget will be released this summer on UMSU’s website after the financial audit has been completed, and your feedback is much welcomed – your UMSU Executive team encourages you to let them know your thoughts. Keep checking back at www.umsu.ca and follow @myumsu on Facebook and Instagram for updates on the upcoming budget release.