IGNITE is reducing its budget next year by 20 per cent as it deals with a potential decrease in international students coming to Humber.
The details were announced at its annual general meeting (AGM) Wednesday.
Ramona Ramcharran, the senior manager of finances at IGNITE, said the organization is facing a situation it has never experienced before.
“The federal government announced a temporary two-year cap on international study permits. There will be a cap of 364,000 new study permits across Canada in 2024,” Ramcharran said.
IGNITE is reducing its spending as a precaution.
According to Arrive, an informational for newcomers in Canada, ”the number of study permits being approved in 2024 is expected to decrease by 35 per cent over 2023.”
However, Ramcharran said, “Humber is awaiting further information from the Provincial Government regarding the cap allocation per institution.”
If any changes need to be made to the budget regarding the international student’s cap, IGNITE “will be prepared”
This means that depending on what updates the provincial government provides, IGNITE is ready to make adjustments to the budget on the fly.
The student government is also hoping to reduce the gap between expenses and revenue. Last year’s deficit was $31,326, while for the upcoming year it is projected to be around $15,000.
The upcoming budget expenses are sorted into five fee categories; career success, membership, well-being and financial security, advocacy and leadership, social events and opportunities.
In three of these categories, IGNITE is aiming to invest just over $1 million. This will be implemented in membership, social events/opportunities and well-being/financial security.
Some of these expenses will be used for training staff, wages, and benefits.
In total, the IGNITE team is projecting a total of around $14.6 million to be used in expenses over the next year, around $400,000 more than last year.
The AGM also reflected on the recent IGNITE election and a look back at all the highlights from the passing year.