Campus Housing Financial Overview and Capital Projects 2023/24

Campus Housing at Waterloo manages a large operation with a $37M annual budget, providing housing for graduate students and first-year students. The housing operation aims for financial sustainability, relying heavily on residence fees. Capital projects for 2023 include various upgrades and repairs to maintain and enhance housing facilities. Rate increases for residence fees in 2023/24 are planned to align with rising operational costs and industry standards.

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• Campus Housing
• Financial Overview
• Capital Projects
• Residence Fees
• Student Housing

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Uploaded on Mar 26, 2024 | 1 Views

Presentation Transcript

1. Campus Housing Residence Fees 2023/24

2. $37M yearly operating budget for Campus Housing 450 beds for graduate students 2nd largest Canadian campus Housing operation 5,787 total beds in Campus Housing 75% of Waterloo first year students live in residence 2.1 M square footage of space (20% of campus) 350 staff (~100 full time and ~250 student roles)

3. Financial Overview 98% of revenue from residence fees Designed to break-even financially. Including: Debt payments Capital renewal Must be financially sustainable over time

4. 2023 Capital Work Building Project title Cost Village 1 Claudette Miller Hall Minota Hagey Mackenzie King/Ron Eydt Mackenzie King Ron Eydt Village 1/Ron Eydt UW Place UW Place Village 1 Village 1 South Sanitary repairs Building sub metering Electrical MKV/REV safety improvements - lighting and pathways Accessible bedroom enhancement Boiler replacement V1 to REV High voltage cable Salt storage tank assessment South Site lighting replacement Condition assessment Switch gear repairs Total: 2,000,000 100,000 710,000 325,000 350,000 400,000 15,000 40,000 350,000 195,000 15,000 4,500,000

5. Key Drivers Revitalization of spaces Most residences are more than 40 years old and require updates in order to enhance the student experience. Competition has exploded Waterloo is the most competitive student housing market in the country. Rising cost of operations The cost of all operating expenses has increased significantly. Need to bring rates in line with current expenses after several years of below industry average, nominal increases

6. 2023-24 Rate Increases 4% Increase for Residence Fees in 2023/24 2.5% Increase in Residence Fees for Family Housing (as per Ontario Guidelines)

7. Comparative rate increases 23/24 (proposed) Institution 16/17 17/18 18/19 19/20 20/21 21/22 22/23 Waterloo 3.5% 2.5% 1.8% 1.8% 2.2% 0.0% 2.0% 4.0% Laurier 3.0% 3.0% 3.0% 3.0% 3.0% 2.0% 4.0% 5.0% Guelph 2.0% 1.8% 2.0% 2.0% 4.0% 5.0% 5.0% 5.0% Western 4.0% 3.6% 3.8% 3.5% 3.5% 3.5% 5.0% 3.0% Average 3.1% 2.7% 2.7% 2.6% 3.2% 2.6% 4.0% 4.3%

8. Questions? Glen Weppler, Director of Housing glen.weppler@uwaterloo.ca 519-888-4567 x32899