Daily Bulletin, Tuesday, February 7, 1995

THE BOARD OF GOVERNORS meets this afternoon (Needles Hall 3001, starting
at 3:30 p.m.) to hear the latest on the university's budget, talk about
a policy statement for UW's investments, and approve 1995-96 rates for
tuition and residence fees.  (Tuition rates are going up by the 10 per
cent that the government said last year would be this year's hike.
Undergraduates in regular programs will be paying $1,226 per term; 
co-op engineering undergrads will pay $1,345 plus a $411 co-op fee.)

Here's an excerpt from a report to the board by the provost, Jim Kalbfleisch:

     Outlook for 1995-96:  In early December the provincial government
     announced that there would be no new cuts to our operating grants
     in 1995-96, and confirmed its earlier announcement that tuition 
     would increase by 10%.  However, because of lingering effects of
     the 1993 Expenditure Control Program, our grants will decline by a
     further 1% in 1995-96.  Overall, there should be a small increase
     in total income in 1995-96.

     The 1994-95 operating budget includes temporary savings of $4.2 million
     from unpaid days, reduced pension contributions, and the 0.5% 
     budget levy.  One of the goals in developing the 1995-96 budget
     is to reduce the level of temporary savings in preparation for the
     end of the Social Contract in 1996-97.  In addition, we will need
     to deal with the accumulated deficit. . . .

     The OCUA review of the funding formula for Ontario universities has
     now been delayed and will not affect our operating grants until
     1996-97 or later.  There are, of course, additional major uncertainties
     concerning future funding for the universities arising from federal
     and provincial deficit problems, the federal review of Social
     Programs, and the pending provincial election.

QUELQUECHOSE A MANGER:  The Cercle Francais holds its annual French Cafe
today -- look for crepes and drinks in the Environmental Studies courtyard
from 11:30 a.m. to 2:30 p.m.

SAVINGS BONDS:  Word arrives from the payroll department (and it's also
been mentioned in the newspapers) that the interest on Canada Savings
Bonds is going up.  The official note: "All outstanding issues of Canada
Savings Bonds, including the CSBs currently being bought on the Payroll
Savings Plan by employees at your organization, will now earn 7.50% per
annum for the three-month period from February 1 to April 30, 1995.  
Guaranteed minimum rates for the remainder of the bond year and for the
next two years are unchanged at 5.75%, 6.75% and 7.50% respectively.
As always, all CSB rates can be increased if market conditions warrant,
but they can never be lower than these rates. . . .  The deductions which
employees are now paying to buy the current series will not change."

Chris Redmond
Information and Public Affairs, University of Waterloo
888-4567 ext. 3004      credmond@watserv1.uwaterloo.ca