The AMS has unveiled a three-year financial plan aimed at stabilizing its operations, reducing deficits and fostering sustainable growth.
The plan, spanning from 2024 to 2027, outlines specific goals, objectives and strategies for each year to ensure the organization’s long-term stability and expansion.
The creation of a three-year financial plan was passed as a referenda item by students in the 2024 AMS elections. This plan — the first ever of its kind — was passed by AMS Council on April 25.
“Looking beyond the three-year horizon, the AMS envisions a future where financial stability and growth are not merely aspirations but tangible realities,” read the plan.
The plan is broken into three categories for each year. The first focuses on immediate actions the society can take for stabilization.
The two goals for the first year are to reduce the operating deficit and increase revenue streams.
The 2023/24 AMS budget had a $738,766 deficit, but the 2024/25 budget is anticipating a $1,439 surplus.
To combat this, the plan aims to achieve a 33 per cent reduction in the current operating deficit through reducing unnecessary expenditures and renegotiating contracts. The plan includes a $150,000 revenue increase through corporate partnerships and other fundraising initiatives.
In the second year of the plan, the AMS aims to achieve budgetary balance by eliminating the operational deficit and achieving a balanced budget through continued financial discipline and revenue diversification.
Strategies include continuing cost control measures, increasing efficiency in AMS operations and consolidating gains from new revenue initiatives. The AMS also plans to reinvest surplus funds into strategic areas to promote sustainable growth and enhance student services.
In the plan’s third year, the AMS aims to establish financial reserves equivalent to 15 per cent of the annual operating budget to safeguard against future uncertainties.
This involves developing a reserve fund policy, allocating annual surpluses to reserve funds and investing in low-risk financial instruments.
The AMS did not respond to The Ubyssey’s request for comment by press time.
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