On April 25, the AMS passed its 2024/25 budget and this year it is expecting a budget surplus of $1,438.69.
This year's revenue budget is projected to be $6,093,598 with an expenditure budget of $6,092,159.
Last year, the AMS had a deficit of $747,000 and has recorded deficits for the last few years.
The AMS is projecting increases in revenue across various branches like a 17 per cent increase in revenue from its food and beverage services, from $576,783 to $683,563. Similarly, for its conference and catering business, the AMS is expecting an almost 33 per cent increase in revenue, from $324,839 to $451,214.
In April of this year, it was announced that Flavor Lab and Porch, two AMS-run food services in the Nest, would be closing. While no replacement has been announced for Flavor Lab, Porch is set to be re-opened “under a new brand” with popular items from the menu continuing to be offered. The budget also includes a $55,000 profit from Porch.
Student fees will be $819.11 and the AMS is expecting this will bring in a revenue of around $31 million.
With the revenue increases comes projections of cost reductions for expenditures relating to AMS Council like funding for AMS Elections and referendas and committees. Two areas of decrease in expenditure are in salary and wages as well as food and refreshments. A large cost reduction being projected here is in the AMS’ Equity and Inclusion expenditures, with projected spending reducing from almost $89,000 to $40,000.
Looking at the AMS’ events, the organisation is planning to increase net spending by 32 per cent to $575,824.
The Ubyssey did not hear back from the AMS by press time.
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