Report on Resources

Resource Summary: Ministry

Introductory Comments

For the 2004/05 fiscal year, the Ministry of Advanced Education spent less than its budget. Savings were generated by higher-than-expected BC Student Loan interest recoveries, increased sinking fund earnings and lower-than-expected interest rates. The majority of these savings were redirected to the province's public post-secondary institutions.

Please note that the figures presented in the "Variance" column are calculated as "Actual" minus "Total Estimated." This presentation is consistent with that reported in the 2004/05 Public Accounts.

	Estimated1	Other Authori- zations2	Total Estimated	Actual	Variance (Actual minus Total Estimated)3
Operating Expenses ($000)
Educational Institutions and Organizations	1,419,138	10,000	1,429,138	1,464,098	34,960
Industry Training and Apprenticeship	77,281	—	77,281	77,881	600
Student Financial Assistance Programs	136,291	—	136,291	111,169	(25,122)
Debt Service Costs and Amortization of Prepaid Capital Advances	246,750	—	246,750	235,013	(11,737)
Executive and Support Services	19,389	—	19,389	20,218	829
Total	1,898,849	10,000	1,908,849	1,908,379	(470)
Full-time Equivalents (Direct FTEs)
Executive and Support Services	217	—	217	203	(14)
Ministry Capital Expenditures (Consolidated Revenue Fund) ($000)
Executive and Support Services
Information Systems	2,455	—	2,455	327	(2,128)
Furniture and Equipment	350	—	350	24	(326)
Tenant Improvements	1,300	—	1,300	0	(1,300)
Total	4,105	—	4,105	351	(3,754)4
Capital Plan ($000)3
Educational Institutions and Organizations	215,400	—	215,400	199,286	(16,114)
Other Financing Transactions ($000)
Student Financial Assistance Programs — BC Student Loan Program
Total Receipts	13,600	—	13,600	37,024	(23,424)
Total Disbursements	279,400	—	279,400	204,167	(75,233)
Total Net Cash Source (Requirements)	(265,800)	—	(265,800)	(167,143)	(98,657)

Capital Expenditures and Financing Transactions

Prepaid capital advances are funds provided to public post-secondary institutions for approved capital costs of new buildings, renovations, improvements, equipment and capital leases. These expenses support the ministry's goals for a top-notch post-secondary system.

Under the Student Financial Assistance Programs, receipts represent the principal repayments on outstanding loans and disbursements represent loans provided to students. These transactions support the ministry's goals for economic and social development and responsive and effective management.

Resource Summary: Public Post-Secondary Institutions

For the 2004/05 fiscal year, public post secondary institutions' actual revenues and expenditures exceeded budget projections. Increased revenues are due to greater than projected tuition fee revenues, government contributions and increases in recognition of deferred contributions. The additional revenues allowed institutions to increase the number of student FTEs and fund programs previously delivered directly by the health care sector.