The University of Manitoba’s Board of Governors met on June 22.

University President David Barnard spoke about the negotiations between various professional faculties and the provincial government over raising tuition levels above the previously approved five per cent for the 2010-11 year. This issue has since been resolved, as Minister of Advanced Education and Literacy, Diane McGifford, approved only two of 12 requests as of June 25.

Barnard announced that a new vice-president external had been hired but will only be at the university sporadically for the duration of the summer.

The board approved the annual financial report for the year ending March 31, 2010.

Vice-President Administration Debbie McCallum reported that cash and marketable investments had increased from $121 million to $137 million since last year. Long term investments had also increased from $390 million to $482 million.

Long term debt had also increased, as the new Pembina Hall residence debt of $31 million was also included.

The report stated that the most substantial increase was pension expenses, up to $21 million from $4 million the previous year.

UMSU President Heather Laube reported the renovations to the Degrees restaurant, UMFM station and UMSU Vision production space are currently underway.

She also reported that UMSU is now in the stages of planning September’s orientation events.

Graduate Students Association (GSA) President Meaghan Labine reported that GSA is currently renovating their office space and is also beginning to plan their fall orientation events.

Barnard ended open session by announcing that it was board member Terry Sargeant’s last meeting.

“I wouldn’t be here if it wasn’t for Terry’s involvement in the recruitment committee,” said Barnard.

Sargeant remarked that sitting on the board was an incredible opportunity and that the U of M was an incredible institution to be a part of.