Report

Report Date: April 23, 2008

Prev io us Report: March 12, 2007

Analysts Greg Moore

+ 1 416 597 7393

gmoore@dbrs.com

Eric Beauchemin, CFA

Queen's University Rating

Debt

Senior Unsecured Debt

Rating

AA (high)

Rating Action

Confirmed

Trend

Stable

+ 1 4 16 597 7552 Rating Rationale ebeauchemin@dbrs.com ----------------------1--------------------------Queen's University Queen's Univer sity is a

mid-size institut ion

established in 1841 by

Royal Charter of Queen

Victoria. Located in

Kingston, Ontario, a city

of about 152,000

residents at the

northeastern end of

Lake Ont ario, the University offers a

comprehensive range of

undergraduate,

graduate and

professional programs

to a student populat ion

of 19,117 FTEs in 2006-

2007.

Recent Actions March 5 , 2007

Confirmed

Queen's University (Queen' s or the University) maintains a sound credit profile with a continued history of solid operating results and sizeable financial resources. However, the addition of substantial new debt over the next five years to fund a large capital plan will reduce financial flexibility and could endanger the rating if capital and debt needs continue to be revised upward.

Constrnction has begi.m on the first of three phases of the Queen 's Centre project, which had an original overall budget of $230 million, yet Phase One is cmTently rnnning $38 million (or 30%) over budget. The University is reviewing options to address cost ovemms on Phase One, including adjustments to the subsequent phases in conjunction with operating budget strategies. Key project decisions will be made over the next year, but prelimina1y estimates including all Queen's Centre phases and all approved projects point to $ 140 million to $ 175 million in new debt over the next five years, possibly bringing debt per full-time equivalent (FTE) to as high as $13,000, or more than twice the cunent level. Before the debt is taken on, the University will fonnulate a debt policy that will guide future capital expansion and debt activity at the institution.

If capital proj ects are linlited to tl1e current list of approved initiatives, debt would be expected to remain manageable, with in terest coverage likely staying above a solid five times and expendable resources around 150% to 200% of debt. Fmt hennore, the credit profile remains supported by the University's track record of solid year-end results which continued in 2006-2007, as well as the strongest financial resources among DBRS-rated universities, including the largest endowment per FTE in the countiy at $33,975, and expendable resources of $367.3 million, which cunently cover 390% of debt. (Continued on page 2.)

Rating Considerations

Strengths (1) One of Canada ' s flagship post-seconda1y institu tions (2) Ve1y 11..igh level of expendable resources (3) Stable revenue base (4) Successful fundraising operations (5) Sound enrolment outlook in Ontario

Financial Information

Challenges (1) Rising debt and Queen's Centre project risk (2) Mounting salaiy pressures (3) Linlited tuition-fee setting autonomy (4) Strong dependence on provincial funding (5) Relatively small local catchment area

For the yea,· e nded April 30

2006-2007 2005- 2006 2 004- 2005 2003- 2004 2002- 2003

Operating smplus/(deficit) ($ millions) 38.4 41.3 38.9 24.1 14 .8

Long-tenn debt ($ millions) 94.0 9 5 .8 96.1 96.4 96.9

h1ter es t cos ts/tot.al expenditures 0.8% 0.8% 0.9% 0.9% 0.6%

futeres t coverage ratio ( titues) 13.1 13 .0 12.5 9.7 11.8

T otal eudo\¥n1eut ($ millions)* 6 49.5 5 74 .1 5 16.8 461.5 395.5

Capita l expenditures($ millions) 44.0 78.1 48.5 68.4 104.4

T otal eurohnent (FTEs)** 19,117 19.163 18,562 18.360 17.247

Loug-tenn debt pe1· FTE ($ ) 4 ,916 4.998 5.178 5 .253 5.619

E ndowment per FTE ($) 33,975 29.960 27,842 25.134 22.932

* Market "·alrn~·. ** Full-titne equi'\·alent (FTE). excluding continuing education.

1 Public Fina nce : Universities

Q t1P.P.ll ' !"­

U 1tive rsi ty

Keport Llat e :

..l.~r il 2), 2008

ll:Hlng R:i tlonale (<..'ontimied from page !.)

Nevertheless: DDRS t"emains concemed by HZ~able cost ove1n ms encountered so tar ill Phase One ot' Qut.:t:u':; C i.:Jlln.:. mtd lllUl":.: im p or l:m tly! I.>:,, lh :.: ~1,mli11u-.:d !l}VWlh iu ..:upi ltd ttm.J l.'Xl~n ldl fuUUl i;i JJ..g UCt:1,b of UJ~ Univ e-rsity. a "> th e- Jist of u uap prov,ed proJe-cts- po ult.::- i:o ftu'thoer p ot.en tial bosrowing u ,e.eds on th,e horizon . Wh ile the p ressu re from rhe Qneen's Ce ntre anrl T inru\11 F ielrl w ill l ike ly he 1nanagei:thle p rovirted. the tl}Jl~niliug po~ilw u do:.-s llllt i.klt·.riuruk , lh<: Uui v,: 1s ily wi ll USl'. U k.b l of ll.K· W<.llU wi thiu Ji.ls t'LIJH'Ul ruti.ug . A s a re.s.uli:, ap proval of ftm:ller slg.uific-ant p rojoects in the for.ese-oeab le-. funu~ would likely lead i:o a down\-."a rd rating actfr>n.

R>i l iug Cu11siik n ll io 11s J)l'f,iils

SlJ'<.'Uglbs ( 1) .A. vu y w,ell estab lisl toed reputatiou and ~, long history o f academic exc~ll~n c-e- psovid e !.1ro ug suppost for en;-o lm e:nc ;inrl tiuh1rai~1ng acch·lties. The HniveN:icy ls 1memat1o;ti:tlly lmow·n anrl ha.s ~ome of the t1ighest adml%1on standards in Canada~ ,.vbicb leaves room to ~ ow enrollnenr i t necessar>'· The avera.~e entelin,2 ~ lldc.: ttt Q tu.:..:Jl's H mm.mg th,;.: lligbc:;l W I.hi: i.:<JUUll)' ! tit ~!)•y., llJ '.i006-2007.

('..:} Q u.;.:..:J1·~ Jld:; U1c ltU'~ s l ,;.:11d o ,A' U1..:111 fum.l p.;.:r FT J:: mmm~ 1.)J:HlS-nw.:d uu iv~'l~iti<.:s, uu d u~..::.:s .: lO au estiluatied $ 36/3 milliou in oexp.enclable re.sonrce-,s ( :U! tim~ debt). w 1Uch iududies $ 1S8 .5 mi llion in ries;e-rves an<l $ 1'7fL9 millio n in imernal ly re :.,cricterl endowment aJ.:se~ rhar con kt he nnenrfowed to meer ti nanc ii:tl obligations.

(3) A si,~niricam portion of th~ Univel'sity's ,., venues (63%) comes from tuition fees and funding 1ro01 the fll'V \ 1li1ci.: of 0 11lmio (lh :.: Pn.> \< iuc:.;.:: ..:urr\:"ut!y n ll.;.:<l .A.A l>)' l)J::Hl SJ. wlli..:h ht.:l})S :;up ~1,•l'l IJud~cl '$lttliility ,

(4 } Uvcr lh:.: p w~l ( <.:\\' yt.:ars . ~w .. •.;.:11·:; !Ju '$ IJUiH ll}J it~ fom.!rnisiu ~ ~Hpm.:ily Uu·ougb tDl im.:n.:u:;;.:d wodUon:c mid

more sophisticated data u1Ul!llg ted 111iquoes to tap frs strong a luumj bas.e. t 'be Un.ive-ssity' s ps.e-vious campaigu, completed in Ap ri l 2003. greatly exceed ed its $ 200 million ta rg,et. and p lant: a re current ly mlderway to fonnch a Jar.cer campaign.

(5) Solid demo_craplu; µrowih in the JS· to 2 ·1-year•oJd ai:;e _croup aud rising roqniremenrs tor m1ivem ty ,;,:ducutivn il1 lh,;,: lul.i-uu1 uuuk<.:1, w ill h<.:ly ~upp1,.,rt ,:.'lll'<Jllu :.:u l. ~1,., iJ.1g fo1w un t. Sb1(~Ctm 10rc.::c:~ ls poi.ut k' uu il.1t'l'~:.1s iug d ~.m am l fo1· u11iv~r,;il;1 t'W'U!Ul ::'111 iu Ou ta1i o lllllil :w t :S-1.0 14. A..Hlwugh Q lli::."~U' S p ~o 1,; ll ) <mly mod estly grow ml<1er.~.rr1.d11,1te enrolment. !'.tm ng riem,, nd will ~11pp<1rt 1:n rolment ~.tah il ity and g ive the t Jniversity flexih i 11ty ro incre<1J.:e e111·(lln1ent if need e<l.

C h allengf':S (I) The Uui.versitf bil3 plans to bon-ow between $ 140 million aod SI'.'~ uuliion over the next live ye~rs, vd 1id 1 'v\'i ll nH.m:. Uum 1,lol1bk lb : ddll lim·tk~! v :::r F l':E Hild r·:.~dut·t: iu t<:n:sl l'l-.vl·111gt~. T he: t·c.111s ll,u.:liou of lllc Que-~n•s C',mtroe. w hich fa a key driv~r of debt, fac~s risk of further cost ov,ern ms (S38 million so fur) and t:ho11fall h1 the snh t:tantia l 11onM1011:., expected ro 1im11 i:t c01F frlc:1'ahle J)(ln ion <'of the pmject (,19%>) . The Univ~rsity has cntcr-cd into a fixed-price conttacr tor Phase One ot· rbc project to climinat~ in:tlation 1isk. and u 11.:.v il·.w of P!Jtt ~;,,,~ T wo tiud T ltrl' l~ h u~ b;,,,·:.':IJ iuithill'<l lo <.:u~un :. oVlTUll ti(fon lubili ty o f th ..:: pr<Jj lx.'t

('.l,l Qlll'\.'ll ':; l lllh l t' Ul ll).ldl · ' " ill1 ;,,,Hh lT high-p:·ofik . iusliluli<Jli$ iu No1·l!J A.u.it·.tit·H for Ult·ull)', w h.ii.:.!1 k.ud~ L<J slgn ific.aut s.alary pr~s.stues-. l n. some p1·of~ssional faculties , sta11.iug s.alari~s h av,e d sen as mu ch ~,s soq'G in recent ye;irs. The ;iging faculty <lemograph ic will only exacerbate. the!:e p1~s1.11-es ln che. ye11ss 11hea11.

(31 Since 2(>06- 2t1()7, m1fve:r.::iti~ ill nnral'io ha·~·e heen Hmited ro <1 5% over;i-11 annnal 1nc1'ea$.e in tnh ion fees. Wllil~ rb, s is a detillite improvement ov~r t11e tuition freeze that was iu place, universities are still Jett w,tb 1.imi lc.:d fi..:.xilJih.ly lo til l·:.:r U.tis ~1,.,usi th •. 1·ul>lc rc1:,;.:uuc slr<.::mu.

(4} As wi 1.h mvsl ._,u1,;,:r Cuuddum wtiv~rsi 1.ic.:s: }Jt1A 1i:t1cfo! ~rnul:;: il.1i.:lu d ll.1.g t!J(,: A llt:1u uli vc Fuu<.!iu~ J'ln11 (AF!') for serv1ce5 p rov1d .ed by Qt1e-en's physic1ans, n1ake up a large part of the- University's tot~, I revenues (43% in 200<i•2007). TI1is Ue;ive t: Qneen's expnScd to d rnn.~es in che Prov ince's fin;incia l po~.ition ;ind. ed uca tio n l\mdin.~ policies.

:: 1-"Ubllc ~1nance : u niversities

Qucc:11' .-:. l l n ivf!.r _.:;,i t y

U,e p o-rt L>ate:

Apri l n, ;,ooR

(5) Qu:.~l'll's is lol'Hl<.: -.1 llJ K iuptl;u, i 1 t.·ily or u1-11-'rtlxiuu1ld y 151,iJf.lO r<.:si,:kuls. D ut· lo tlit· :mud! si l l'. llf U.11.: locai catdunent a rea. rhe lJn i,: ersity nmH rely o n attr.:.cting sm<lenr:: from rhe re.::t of the co untry as well a5,; Iron1 outside of Canada. which makes r•zcmim1cut moN competitive.

2006-2007 Operating Pcrfonnancc

Quee1f s cominued irs hisrory of solid results, reponin~ a S3&.,I minion cousolidate-d su.rphL~ in 200 6· 20 07 . . Au Ulll~."-(.)1.X:ltxl Yl~m -t·wJ grnut of $12 UJ.illfou lit1c.hlt·d l1ro \1il1da! O!>l'J'Utiug foudiug. h :.~lv i.ug to fud l0hl1 revenue. grow th of s,.s. 1 m inio n (K I ~i>) . A small change in the. payon r policies of bo th the Poo le<l Endowment Fm1d and tl1e Pooled lnv, ;tmeut Fund boosted investment income. Solid ,·ctmm also helped increa!•e inco me from encto,,vment invesr1nent!• hy j l ~t'l. wllile o ther irr..:estment income grew 90'H,, !m.ppo rieri rt.uih: r l>y a transter Irom sbort•tenn investmems to the pooled U1vestn1ffir fund. Ramped•up rt.1adraisi11~ e fftlJ'lS lr:uL-;lal~ lo ._.,t,ro.ug_ t"t' ' .. t>.m•~!:l rt-t't.\rd~t.l fn .lIU -.loua lious . up :!S% y~ar o ver y~:.11' tl, $3 5.!> mi!liuu . n e.c.p ite J'e iatively $:tt1h le enrolment,. .c;tn<lent fee revenue .~ ew -;o,,;, ;lne to a tu irio1l 1f1c rea.se.

Ilxpenditure i,rowtl\ amounted to 9 .1% . Salaries and beudit<- continued to be the lar.~est expense pressure. rising a 1.:o.u1biunt 7%, i1s u rt.-sull of .ui;w fttn 1Jly uuJ stdff p<.1silious, bU'gi;r ix-11:,.iou IJbm c:oullibutfous u:; w,:11 3$: int1arion11J~/ increases. ~t:n,te.m a id gre.w $3:.~ miilion ( 22.1'%), in l ine w ith the l' ~niv-eN:ity ·:: ,.:;t r~teg.ic goaU:: of supportillg graduate student 1-cffltitmcnr and scholarship; to students with high academic t•~cords.

Opcrnting Outlook

The opemt ing hndget i~ p rep,1rerl :mnnally .1nct accounffi for :thont 50% of con:'.o lirl,1te,t expenrl imres. ft cnvers the academic aclivities of the University. It excludes ancillar>' operations, which are nm on a cosl•r~covery hMds,. as wel l ;is re~.easch. cap ita l a.nrl fnnd raising. envelope; . Al.:-o exclnde,t is the. He.;iJth ~ciences Fund. ,.::bich rclat~ ~ l� teaching and clinical services provided by Qt1•~•~u1s physicians to local hospitnls :md , ,:ho~c co~>ts ar,e fu lly co\rce-recl througlt th,e A FP, a separat,e fonding agree-u1e-ut with the l-'rovincoe.

2007 -2008 0 1.N:ra liu,g Hmtg-.·1 Qneen·:: p res.cnte<l a bal;mced operat ing, hnrlger fi) r 2 (H17•.20 rn7~, afte r incorpnrating a •l~O hase spend ing reo11ction. Operating revenues arc expected to risz l>y 4.8% supported primarily l>y snidcnt i~cs and gov.emm~.ot .~ants. A 3.7H, av,eJ.-age inc-rease in h;ition and mod ~.$t e-nro!n1.eut .~owth w ill h e-Jp support a 3 .8%~ incr~ase-in student fee-revenue-s. The mition increase was once a~aiu lower tllan rhe-5'¾., limit becam.e

Y.,,P~

., '°"'° 6 1e,D:O

J ., I L'.0-'0

'o ., :,,O_'O

0

Totol Enrolment (FTE)

the Univerfii ty cti,t not increase tees l� r non• ()l'tlfes!:lioua1 programs in order i.:wv lu1..:u l

gr~td l,a l~ to ;ncent

~n.>w tU . n overnment g r:mt incre:u,e, were initially anticipated to t·ome iu U.1t- fon.u uf pcnnancut Iimding, but instead additional funds w ~r,e primarily from one•time.

iufrnsl1·m·lm·i; fuu<Jil.1g o f $::;.4 million r<.:,:L·h t~d IK'ar :,,.t~ur-<.:utl. T<.H<1l un,i;~ltul'l Jl iu t·t.·,1u<.: was Uudg<.:llxl lo increase 6 .1 ~·4'1 in 2007- 200 ~. though this -,a.rill l ike ly come in low er than ant ic ipated on lm·,:er-thi:tn--expecrei·l rcmn1s.

T<>tal opera tin.~ expendirures were budgeted to ilm·ease by 1.8% compared wi!h the p1ior budget. with labour l·osls ~tt'l 0 <..\ L11Hiug_ fo1 lh~ \'ast u1ajl\ril;1 or U.1~ iltt'J't-aSo:::". Cl\lllr:.tl·tua! sah r y aud IJ~ut>-lll ll.1t'l't':aSt>:s, hug~r conn'il>n!ions !o tlle pcn;ion plan and 17 1\Ct n~w 1;1culty members will driv-z a ~.2% ineNase ill J:i.mding tor sa!a1y and b,e·ne-fits. lsp..e-nding to support .~aduate expansion and srud e-m ajd '.! 'ill a!s.o grow mod ~stly as a part of the-University's strare~ic inillatives.

::S !'Ubhc t 1n a n c.e ; UOl \' e(51[1t=S

Q u cc11' .s IJniv~rs ily

Report Dote; At,ri l :n , 21J U8

O ulluok T he Unive rs ity ' s financia l result!. are expected to rc-m.1in fa irly sonnt1 in rhe coming year~. However. s:il:iry and benefits and pe-usion conn'ibutions will continue to pl"essnre-result:- goll.1.g tOl'ward give-n tbe environment of a couipclitivc htbvtu murk..:( with uu n~itJ~ fw.:ully c.l1.'1uo~)1k . Cv1upcm 1:1(ivu lut~ l,c(.;U im:n.:usiug u( ¥ 1·() m ,;q,f, aJ1ntmlly in ree:em y~ rs. which ha t: hee;1 the. largci-t i.h'C:$.i: fln spe nding. Queen'~ i5-. cm'tently rene~otiati11.2 U1e conn-a, t with the l'aculty Associacioa, which wtll be instrnmental tN· establishing rt1mre ~aluJ)' mW 1.K.·1u.·llt ,p:..':J1di.ug l'XVlX:U1liou-:.. OUl'l' Htl' U1tl..-<.:-1';'jtly Lak.~s <.•u fur llJ."~" dl'L•t. iut<.:r~s, rh11r5't' -:. '"ill incrt-l se by $8 miliion to SLO m.illiou ~uwuall.y, bnt are t .xp.ected to be 1uo~-dy oi fo~t by budg.e-t uliti~atin~ ~trate~es.

Qm: :..':J.1' ;. !u1s a dd:..·n ·:..·<l uu1w ll'.1JUUi.'t: bHc.·k log iut<.:nuilly <.·sLiutHll'd ut $145 uiiJ!fou iud mling i.IJ.frn.:liu t·llln.-:. c,,;r hy the Council of nnr.uio Hni...-ers it ie!, at S<iS million (7% o f rcpl,l( e ment v,, hte), which only inchtrle s hnildin.c;s. Ar rh is leve l, Qnec:n 's 15- in a herter Jl()$.ition rhan other nniversHie ~ a•: 1'n $.~ Ontario wh<"l~I:-avera.12.e re-pfru; ~n1ent valt1e- is 10%. t-- eve-n bel~ , ,vith tbt- Unive-rsjty's ctu re-nt budg.etc-d funcljug_ of S6 milliou pe-r yea r. Queen'$: ex peers the det'errerl 11111.inrena nce h;icklo.; rn grow to over $300 million over rh=: next ren yea rs.

<..:a1,H:tJ 1'1.tn Que-..en',; cun~utly has. t~vo kt .y p.roje-cts uncle-f\vay: the- <J.u~ n 's Centre and the Tinda ll Field and parkin~ fadlity . T he Qneen :~ Centre ;~ a h rge th1'ee-phasc, te:r1•ye:tr prnject that 1.vi n <k m.h ie: the spa ce avrulahle fo,. spom. rec!'eation. student m vices and the School ot Kinesiolo~y and I l~altll St,11'.lies. Conirru~tion L>e~an 011 l'btt~<.· Out': iu '.W00-2 007, um.I uullt·Ji a-1Js iufiutiou lu1.:. k·ud lo ti $3~ millfou 1wu-fovuurnbk vurium:t:, ·,vith lolttl co:..ti-, nmv esfon ,u e<l at S i 62 mm1011. Phase$. Two ;:md T hree ha ve. not yer heen appmved an<l ase. he inp rcvicwOO. tbr cost and scope. wllich pl'OVidcs some potential tor cei;t r•zcovc1y. Il1~ ~ntil"~ preijcct had au 01igwJl ovtiraJ! budg1:l of $1;(0 million; hoWl::' \'€1. d~bt ll!:'.t';(I.; m a>· ris1:. UOlJIJly lo t•ovt'T lh!=- t•usl llVt'l11Dl'>. Ct1n•,tmctio n ha:; .1ho begun on the T inrl.111 f ield .1nd park ing fac ility. which i:; rhe nther m.1jnr <leht·fi n:ince rl project. estimated at $•17 mtllio1t. T11e pr~jec! is expected !o l>e self•s11ppor!i11~.

c·xcJudiug Vbas.e~- T-,,•o and Tlu:e,e, of thie <.._iuee-o' s Centre-.. tho:! Univo:!rsity ha,; approvied $'.l14 million of <"apita l pmjecr:; over five yea11: heg inning. in 1:00 7•200 8. Aside from the Queen' t: Centre, ntO$.t projecli-, have- revenne so\u-ces id"1itiliod. Otller projects b,iJl2 contemplated could add a potential $20 million to S60 million itl deN ne-ecls ovtr th.e- same iive-ye-ar period.

O C'ht ,rnrl 1.iquirlity

S UllllllntJ of Ue-bt T he tJnive.r$.i~( s total debt burden feH mode5-rly to $911.0 minion on p rinc ipal p a}1n ents in 2006· 2007. which is tlle lowest a1001~2 DDRS •ra!e<l uIDversities on an FI E basis. at 54.916 per FTD. hnei~;t coverage reinaine<I ~ll'<.mg: n ;;iug slitilJlJy cv 13.1 lh u<.~ due.: l<.' c1 mvd::sl r<.:Uu<.:llon in iull.:rc~l costs. Soh<l i.uvc.:s1mi.:uc 1\:turus umJ donations boost.e-d the .e-ndowmem fund by 13.H4 to $U49.5 miillioo or $33.975 per FTE, the lar.~e-.st ~ndowm,nt per FIE amo,,~ DBRS-rat-~d nnivcrsi!i~. n ,c Univcrsily llad access to $36: .3 milhcn iti t"Xpt>ud~tU ~ l't'S t ll1n.·~,;, <.if 3.9 lhu~~ dt"bl (up fi'l\lU 3.4 lilu~s), <.'OliSi-;.(iug of $1 7)5.9 milliuu :iJ1 illl€mally re :,tricred endow ment :J!ific?ts over which Queen'!. h,l!"-; fnll ctl',cre tion and Sl <\lt .5 miilinn in 1u1re,,.,r rictcd reser,es. which includes $ 19 .6 million spe,illcally earmad:ed for <loot retiremem.

AL'i.'ordiug w ~t r1:<l~€Ul :.ii..·tu.1ri;_tl v:.1lu:.ttiou,. U1t- Uuivt-rsi ty '!:l uufm1<lt'<l pt'uswu p lau lialtilily gr.i:':w lo $40.5 millio n from $ I 0 .'7 millio n, due. tn an actju;t111ent nf mo rtality rnte.:; ;incl the <li;;cfnmt rate. T11is 1.Arill require a n additional co,m-ibu!iou of $3 million P"1' year !or th~ next J S years. wilicll Queei\'s plans to it1corporate imo th :.: l•rnJ~i.:l v"..:r Ua i.:1.: y (,;dl':) li1.:giiuilug iu 200:S-:lOO~. !10:;,H.:111}'Joyw 1.:ul Ji.ubih lit.:~ w;;r<.:usc<l lo $50.0 milliou fr<"lm S,16.•.) mHlit)1l. However. the Hn1Yers1ty ii-, one of rhe t'e,,.: tlrnr tim<l~ ;i. rese,.ve to he lp adri.1·ess the: post• ~mplo,~ncut liabilicy.

4 Publlc n nance : un1vers1t11:s

Quccu'_.,. U11iv c r .':>i ly

n e po,rt oate: ,l,pri l 23, 2006

Outlook A!llto uglt dt'bl i-.; likd y lu fall mocJ~s tly iu 20 07 lOO~. t.ht:• (_,!Ut"i::'11' '> Ctt-lltU (im.'.JLU.liug ~ !1.:1..:~s r•No ;md 'lla:ai)

and new p arking fac-Hity. a ~ w.eU a s. oth er s-maller pro}ects . o.re Ji.kiely to add SJ40 million to Sl/5 million in new diebt over ilil?' next fi:"J.~ ye-ars . p,eaking in 20 1J at around S268 million , or np to SJ3 .000 per FTE. !\-lauy ot' the prQjects have incremema1 revenue sn~aulS all~ned. leavin,2 the Queen's Cem1·•e as rhe only m~jor prcj ~ct impacting rbc opcmtin,; l>ud~ct. Tile Qn~u ·s Ccnrr-c has two key rioks Uuit could pm addii,onal }'l\:SHu·i.· ou d,;IJL: ( 1) for t.!J..:r cos t. ov~ITuus ud<lill~ k' lb c.: 11011-IuvimrnlJlc '-'lDi~ui.:c of $:-1 8 UJilliou tibi.:ady rc;,;t.,n.Jc.:U. nuJ (:.!) ful!iu~ short. of U1c $ 1.,(J milliou fuud rni~il.1~ ldtl(:.:I. l'lrn:;;.: Om: wa-; hn w.;,;bcd usiu~ 11 1.·uusln h:twu u1:m.1gc>:mt'ul ap~w ad .1. but ;,n ~r ~, 3011/o u1:>.g~-1li v~ ,:o~t d~via lillu, th ~ Uuivt-r~ily r~ ... ·a 1t!y ovt. t-.d lo use fi."'Ce-d-pric~ contracts to help m.,uage .inflation risk . .Revision s of pL1us and cost estiJUates for Pbasies- Tw o and T hr.ee of the project are UJlde-f\vay to idiemify oprions to recoup ove1n ms of Phase One. F iool approval ·,.\'ill not he m.t<le 11nril 2009. w hen the cnsts nf PlK1se One ,rnd Tind.i.11 F iehi a re ti nned np. Other prnj ect~ th:tt conkl 11rlrl $ 211 miillo;l to $fi0 million in ;h :.-.i.: deht a1-e al$:CI being conternpfa te<l, hut will only he p1m.11~1 if ~ullh:ic.:ul ~rnut.:; <.lr do1mliou:; t1Jt: uJ~~ut.:d.

).1iligaliug Htl· <.'..,q>•.:1.· t. 1.~d ris1.~ iu Ille <l<.'IJt bm<ll'll un · lltl' Uuh.<.1-sil;{' s ntrgL· amt gro·,vwg fuamdul i1-:-,;c..•t,;. U .1::Hl $ estim a tt s that 11ure~tric-ted finauc-io.J res-ources are likely to r i:-:maiu be-t\, ·een 1.5 au d LO tiJ.Ue.s total d ebt going forw,u d st ill ilil?' s.trouge.st o.mong DBRS-rated uu ivl?'rsl til?'s . Unde,r norm aJ op e.rating condit ion,:,. intier e,5,t cnver,1ge wonlrl he. e:...:pectl:'d tn re111ain rohn!,t, between 5-.0 times :rnd 7.0 times. The University p l,, n'i to ere-ate a Debt Policy before the m~jo r deht i::sn;ince ,A,hich w ill help est11bfo:h gn icling limits to key metric-~.

~ c.:v~rl11clc~~- V.t:HZS r..:uwil1s i.:t.'lli.:Cmcd l>y ~iLcubk (.'OSI vv..:1nuis 1..11t.:vuuli.:-rcU w l'Jmsi: 0 11.; of lhc Quci.·u ·::. Ct.~ulr"· wilh a {"OlL')i i.krnlJk amo uul of llK~ pt·i..lj l'<.'I ltl go. um.I mon · iuipo:'ldu t!y . by tlK~ c..·oulw t11xl ~ ·ov1 U1 iu capit.il and ie:i-:ternaJ financwg nieecls of thl?' University. ProJecte.d debt n~ds relatt :d to tl1l?' Qlheen's Ceutre ha ve ri~e.n uotably s-ince break ing grow1d last ye.ar and the !is-t of uuapp.roved projects maintained by th,e Un.iversity po ints to further b orrowing n~eds. on the h orizon. ,.N1tile ilil?' pre,ssure frou1 the «;~ue.ien · ,;. C~utre and T indall F ield will 1ikc.ly he manag.e..-1hle p rovirled tl1e operatin,Q. pm.,itio n ckie$- nnt rleteriorate , tl1e Un iversity ·,.i.:ill nse mo:;c o f the mom wHhin lrs cnn·enr rtiting. As a rt::nlt, approv;il 1;ftilfther slg-n-iftc 11nt 1),·ojects in the: fores1:e11.hle: timu·e-wo nl<l like ly le11d r.o a rloi.V11w111'ri ratin,a. 11cri(ln.

Uniwrsity Funding in Ontnrio

Ca ~ -1 i.11:m uuivt-r~ili1:>,; g~ 1~rally l!J• .. ti a<.·i..·tis ,; lo Uo·1:>~ ko::>y ::.1.1w·{·~,; of rew uut- fur their i..·c..,r~ l~~-1dii1tg aud re~l?'afC'h a ctiviti e5: (1) govien uuem grn.nrs, (2) stud~nt f iees, and (3) ftiuch-ais iog/endow meut incoJUe. For Que.en's, ;:be-se. accoum~d for about 78% of total r~vt nu.e,:, in 2006-.2007.

.20% 2007 Co06<llidlrt9d R9...-enue S.0 11r<;1-t

(t<>tnl: 1-731.2 mllll<>n")

G., J l >1•• I ~

. ............. "G)

E d ~..,, ...._4-

~ -~ 110,'t ;; ....... ....

' \_,..n:u.,,-, $.•~

. .,,._ ,_.,

Stil1 the maln smtr: e ~, f rc:ve:r11.1e for nn1ver.::ir1e.s.,. prov;ncla l .~~-..,..ernment tim<li11g has $.ee:n H's importance reduced over tl1e pas1 decade in Out.Jriu, au<l i:1 mall)' utbt'l· ptw,.:im:~s, <lu~ to p.rc,vinci a1 bu dget cuts introdu ced iu the m.id­J990s.. In i:-omp eusat ion for th.e budg.iet cuts, Onrario nniven iries were given fnll fee-;;ertini <fl;;c-;-erio;1 ovet a r11nge. ,nf p1·t>grt1ms and were: ;Ulowe<l to raise mltiom: snh:.tancii?..lly for tho ::e: proirrru:i1s over wllicll rhe Proviuce maintained te•~settin.~ anClloriry. Tills led to an increase in to1iv1.·r~Hics' n:lium.:c ou luitiou f t.~ -$ uud t.' llll.:r private. ii.ind.mg sourc es. as has occurred ju o tltier prov ince~. TI1 i:; trend W.ls r11.1t on 1101<1 when the Pro,:ince <lec idecl ro free7.e tuitio n f ee:; for 2001•

2(10 ~ ;incl 20c)~-.20()6 while. a revlc:v.: of nniven:icy 1imrlh1g wa;.: c11r,-ie11 ~-.m . Tn !vfarch 2(106. rhe. Prnvlnce: llnth">tulced ;; 111:-w ttMi01l lh)licy rhat pt nnit:; 1miver"S;t;e:s to ;n c1'1:-ll .$:e 11;:e ra~c: mition t"et$: hy nr, h"> ~~;. 11mmally be~illllin.~ in 2006-200i~ provided cei,aiu conditions are met.

5 Puhlk. Fin;lnr.~ : tlniv~rr.it i~~

()l lPJPlll•~

Unive rs ity

Keport L>ol e: /\pri 2;;, 21; ~

f ,nvfn1mE>n t Funding (prov inci,11 ,1nd ferl-emJ 50.8%) : n overnment fond ing inchtde,., ( I) operMing, gr:rnt~. (2) te$:ea1·~h !Zr;mT$: an<l C()nTr<1c ts1 ;m<l (:1) caplt,;l .c;.·ants. Opera t;n.~ ~ ams are hy for th~ mosr importam an<l stable revenue source or the three. ()perming .~rants are pro•\ided exciusively by the P1·ovince, primarily tJu·ougl1 ti I<muulu tlJal uJloc.:ut,;:j t i ...:-.:11ull1 uumli1.:r c.,f l>usii.: iu,;,:c.,1111: uuih (BJ.U:j) lo 1.:tti.:h stuJi.·ut l.>d:;~<.! ou lh...: program in which they ai e enrolle<l Targete:<1 ftmrlin,;. v:hich i;; ,nainly aimed ill expanrling -enrolment in h;~h-demanrl program~; ar,rl perfomlance•ha~e<l grants aJ~o acconnt for a $:mall-hm-p:row inp. porti0;l t>r' pro\iucial oporntin~ t\lodin~.

ln Ontario. no inflation adju3,tm e-nt is. provided in base opern.tu1g fonding. whic-h e-rocles but:lg~t fl~ bility. A<lditif1n,1lly . cnrnlmem in exces!- of ~overnmenr c~pecrat ions in recent y,e,1IT, h,1s ied m ,1 rlil11tion in Rlt J fitn<ltilg tot new tu11ierg.radni:1re snuientJ.,. No:aethele<::!-, che Province h;is heen gro,A'lng ~ysre·in funding rhrougll ,argeted envelopes and unresticred year-end ~ants. Grants tor research and capital Pf<\i~ts are also important r.ev-enne sonrc,e~ to univ ~rsiti es. T h~ fed~rnJ governn..ent g~n~rally ;'.\C-Couuts for 65'% to 75% of tot.ii puhlic rese:udl tirndini . while the Pnw ince prnvides chc hnlk of c.1pimi iimrling .

Z.001- ZOOS Aw rage- t·ude-rgr.u luate Tuitiou Fte,$ sr.ooo

SU)OO

S .S,000

s:!.UOO

S l.000

UC oc

Studeol Fees (20%): Arter bein~ ii-ozer, in ioo� -.!U05 uu<.! :wos-iooe, en :Z003· '..W04 ltivt:"J:;. iu M.ar<,:lt L006 lhti Vrovll1c~ ,u.monnced a ni:-.w tuition reg.ime. rhar pemlit$: univ~1r;e; to increa.::e avei-a.~e witiou f:.:c.·s Vy up lo 5% m111uuJly b~.glluting u1 :lUOIJ-2007. with f~e increase iimit!- va1ying acrtY..!> prngmms and ye,1rs ,)f ~n1<ly. l?ot example., ;;rt$: a;,,1 i-. .::ience mitions can be incr.~ased by 4.~'% tor the li~l y...:m of stu<ly uuJ 4% fo1 lh...: r~umiuiug )'l~eus. am l grr.dm-1k· mid prof.e~sioual i.vogram tuition feie-:s can bc­increi:1~e<l hy 3% for chc fi r~T year of ~tmty Hlld 4%, i:u lht.: f 1..'l1(.\\\ liJe y,;,:m-.;. l o I).,;

t'-Jigib!1: for th~~ b1c.n.•~•~tis. lmi•,.:tir~-ilit>:'> mu~t pur in plac-e a r .. rt1dent acc .e.ss

g:itar<1ntee. To fund sTm1enL; ' nnmct 1inand a1 ne~i.(;. As wen. nn;veN:,iTi~ ;ire required to continue tt> implement quality Uutiatives. r orQueen'si mition b1creases will avera.~e .3. !% in 200i•200S .

. i'twdr:tisiug .tlld J:::udOWJJJl'lll C ou(l'ibuliOlL'S (!.~%): U1u·l·stri1.:lc<l d llmllK<lH un.· rl'l'OgllU,:.xl as f l'V(.' llUt! -.,•hen received. runds rece ived w ith c"X1<ernal u st.rictions are repo11ed a s rev~nu e ·when related expen.-,;es are incum:rl. D1)nors nr the Roarrl of Tnt1,ree~ caJl aim en<lmv tfonation~. The e.nctowmcnt generates annnal r<.: \.1.;1H.u.:. -.vhit.:h is l'<.:jX.ll1::d u:; il1\. t.:~Uw.:J1( iu,;,:c.,mi:.

Qu e~n •s has inr~nsiri ed fund1-.-i ising c-i forts ln rec.em y~.ars and i"> i:tu rentity in th e p lawling.. ~tag~s of its next firnd raiii:.i ng campaign. f:xp;indec1 hnman r;:rnn rc;:!- and impnwed data min in,g. c;:clmiqne~ have a llowet'l the instimtiou to ~really b1crease donations. Additionally. a ta~ benefit on donahn~ public s~mities cre-ated by rl1c 2006 Fcd~ral Bnd~~t bas ~cncrarcd fu.rtllcr snppon to :ti.tn<iraisin~ ~tt'o1ts. TI1c Univcrsiry ' s moH recent ...:mu1nu~u ,;mk:<l in 2003 au<l rnisc:d mor.;.; llum $'.i60 miHiou! w-:.:U t-.buv,;,: U11.: origim1J lttr~-.:t of $.WO milliou. T his h elped boor~t e-ndo~;u1eut ass~ts. which s tood ~,t $u4!l.S million in 1006 2007, up 13.1% from the prior ye~u (m.1rkec v., lne) . !\c $ .B ,97 ) per FTF., the TJniverf. itf ' S cndowmenr .l!>seTs are. the large.r..r .1mong. D R 'R S­rnk d uuivc.•r., lli1.::;.! µr1.>viUU.1,~ cousidcrnl>k suppo11 lo tv-tul r t.:v<.:Uth.":) ..:vu1vnr•::d w1lh v-lb::r uuiv1.:rshic:; i:u tll...: 11rnvim.·t·.

( ) l lHt-! l l ' S

IJn ivP..r .... i t y

R~1Jvrl 0dh ,: ,!\pril 2~, 2~

Queen's L nh·erslty

Consolidated Balance Sbtet (i 1b~ .ms) • .:\$ Al ApriJ ) () ,\., ~ ·b 2007 '!flfl<i '?005 cam ~nd 6J:01M u m ioves1Jlkm ., 4:S.IJo-Z .?).8)9 10.2n

R.c«iv-abki 44.523 36.6::03 23.543

U:-Xl:ed .u.uJ l,ittp.tu.l : ~Jlt'llSI!"'-' l ).(f flJ 12.{11) ~ l :t.~ ·J k "t!g-1ron inv.: sun::ms ( 1) 754.551 633.163 666.476

t:qnt;I) .i:;:;d :; 1,~i ,lfl l 1 1/,'.;(,IJ 111.8:t;!. To ml A.-t'S~IS l..334.6-86 1.233.2$-1 1.154.33~

Lfabilitie-s ,Uid Equit,-P:ry.11(~ . .:iml{•ll·.,. r rn1t'111 li:.hill1i~ 1•X>.l17~ 1 ~1.0o)i 1t'i,'H I

~ :t.rrt'<I ci p itaJ coc.rribu:i.ons 2->1.342 150.-091 23?.20.:5 Empie.ye,: 1\m1rc bo.-nc41 oblignions S0.0 17 45.986 43.282

L.rug-ld.lll ·:ld.:I 95.n l 9:-. ,~ 9<>.1::0 T-:.1al ifo:, ilit k s 5~9..4 15 5?6.853 562.519

f uud b:;fau::~

Como:ined ~ (2) us . .:is2 !69.403 138.865 F:rtf.l'!\1.rnlm fornn:,llv tPt.tt-:,--rM 0) 1 :SJ:.) 0,1 i1S, ; ,H M?., 1M

Er.C:owm:n1 - C".;,:tcm:illy l'C$!!k~~ (3) ) 5'2..620 ) ! J.~05 288.565 Fr,.1:ir1 in C'~piu l : ~ ;Ht. 1•11..R1~ 1?.S; l~•1 101.~,n

Vute:A1t1:ld ud a-A~b p t0.830~ (10 ) ,(,(,i'! (S).00-1> ·r u1.;LL Li:,bim, :md t:quity U :14,G,86 l .:!H.J~ 1,1)4.;l;I '.;

CollldltlnenlS & O•h~r Oblli Atloo; ($ tboumtd.i) l 0Q7 ·_!(i(i (j

<:.1p,it~l e:-.mmi11nPnr.:: J5.R16 ) 1'1,1.•1?

!-'ttc:IQU pl:a Jelk ll (1.f.tuy) (1)

r osr<-1.:ipJo:1U.."tl1 bc-'t..d:t plan iid ci1 50 .0 17 45.9S6 I;.813 102.528

(l) 8'.-ul. 'k.ha .C) Fw..J.: ~"'I~ ... C-.•11?":.iL:.: t-•.u.p~'!$"'- (,io,t: .. Jt.v:u~ .:aJlf tWwuJ.. . ...,a.i •u v.1,.t J .,.'-1.\tl. '$.) . ()) ~ et-. !SJ.!ly .: .. ~u1t t ,:,J ,iouk,•,1u,,,IJ U I.O: IH \ .tW&.d v f iwlb I&,( :m, i;u..,..:c. 1(1 1 .. ~J lt L,wi; l!J.q.'IJO."';l "> U.. i,!w,,.q ~.

lmamlymfli .. '1Cd :ni:-,v.m.'nl .at-:oc.rc !'IU wto;c. ~c ::i ~ ie-:t ri:cnw:y t;• d:c S,u:i of Tritt1¢.:S. (t ) S-~~ ·00$:!$

!00$

-i�JlA

43.282

9'LOlYJ

wo, 1t)j'Jj

l 5.472 1258:i

2.J.346 23..430

13321 l J.2 '/1 ~9S.6 1-; 56:,i.004

13'.?.~)2 1Q2,J91

1.08-J.448 1.021.381

101,?S'- 187.ii?.7

233..981 213.366

.J0.038 51.290

9U.44U Y� .',JOJ

~63.741 540.lOO

llci.212 $9.971

1 'J1,7'J:f, P.i.•1t�

250.584 248.079

100,� i 1 •:•R.~AA

ioo:136) tl� .:P''l 1.084.448 l .U'J:/ .SSl

100-, '200.l Xl,061 ·1•}) 00

40.038 ; i .290

W.QIJ~• SO.JOO

()UP.P.n ' .~ Q Ut't'll'~ l lnivenily I Jn iv P.r !'-iry

R@pu rl 0dh:!: Consolid:1 ted Fi nand :1l Sutnma ry (DBRS-ad1a stcd} ,\ 1,1111 :?3, 2008 (t ~ ,1s:e:1ds) For the y.:-ar ~ ed. April 30

.?(l~.?00': 21)1)~ 1006 2-00J-1005 .!00l- 1 0(1J 1001- 2•)•H

]'Q!:.tl Ql)'t'l.!llllg l t"-'1dlJJ~ '/33.:!% (i."'SJ ;9 (>:,j.,J ~ (!)lJJ:19 ) (;.0,'/3(1

T-.:•T.ll C','tpeJkliTWes 694,.802 6J6.S·$-S 6 !~.)90 5S6.9.i5 545,966

Ope-r a lmg O.tl.incie btfon T1·., 1-stiers 38.444 41.273 38.SN 24.0~4 1-1.7 70

f:oorn1:ntrion; fhmlt(ro) c-n,1.1't .. 'l'lr ~-i-i; (l1,001) (6,?.(H ) (14, ;14) (tB7) (1 _6"")

C uu !1ilm1ion•; !i u m.'(10) n mr 11111,-d fm 11b ( 1) ( ) '>,0-1Q) ('l05 ~&) ().?.,(,H ) (16,?•1~ (11.6'>1~ Dcue..uoi(U:cteJ.;c) in W.v-:stm.errt in c.:ip~l .1~;,cu ( !-i,,459) ,zu D2 ~ti.205) ,'!.62ol <i.>40l c-..n,:• m. t ·nrem•iettd l'\u A~ t n (9, l 6S) (16,6'1) (4,323) (4,414) (1,938)

N:,•\ N IU\.'

Sntde.nt f« .s (2) l-43.590 D6.S04 1)4,-002 J31.3i9 12 l.535

Covcr-r-..m,::z:u ope!"ll~ l iraz:LIS l 55.~60 140..200 127.716 122.l 67 112.9S3 ()11.-, 1:1:11111- ;111:l n 111h ;1rl!-. ? 'O., •>~•Jt '.':1<• ,Mt 1 ').J.X,J. }.i ~:119 ,'J',I J J (YJ.. ):1))

!w~.111:t: y ,.,11t1allvn•; (J'l.Ol i (>) ,;IH) :>C..S•.l·1 C.Ut)S '.: (•. 1))

Jlnjc,·.,nncJ:.t mv«w::n1 moo-ut~ Y/.:,:/J '.!3.!-·~) JLIS3S 19.4:JO l V.046 Otbcr inv~.sancn: :l:C(lllllC lU@ 9.940 12.6~3 9.,344 ~.901 f>oimi <n~ ,o_,4.(S'\ 11 .~,~ J.t'l, \J1j ~ '-t M I li.JfiS J:::ai u: d cay 1.:.tl roUlu bub.QU..1- '!23(i ,' :!,:!,::, ) ti :!l.441 :W.0-:1) H . t ·t (J

Ot.ber re\'eJl\lC '20.J JO !S,?$4 !5.S)S H .558 li,830

Total Rfw••• 133,246 678,139 6B ,2S4 61 1,039 ~60,736

Cxpeuditnres ;;:;il:iui t'!>. :m111,i-:11dil:1 \l)t),'' Q-:' 17l 5 •Vi 'l'l '._(, ; / ; ).7,7•) 7 :io-1:i 1s S tsulr,11 ~•Il l •U:, M x ·i();,i-iS ~1.1, J.H ~s .. ,s~ 1'(~XI)

StippHes and UWlOr ~ ,;.ipment l OS.569 9"~.4')'3: 9S.5-ti 9S.02ci S'.2..60S

Uti!it:.cs !6.611 15.541 !4.1?.9 J 3.J2S 1'1.284 h tl<"~.I '>,'JX': 'i ;-i 'i I -.., ;.•).1 ~ .. 11-1 ·i .-lX(I

' um• lw;: l1tn 1 •l'i,'' T-i -l ').; -1 ·.•.'} ~I.I, i.X•) ~S,',1Yi -M.-i·n

0 11kt t',".).'ffl!:-t'J> '/2..(i {J <14,;1) I C,),93.0- C. '.: .848 i l,4 )(1

Total Exp eudinu·es 694.802 <S.,6.866 614.J,:)0 586 jl4$ ~4~ .966

Gnx s l'apit.il l:.xpenditur~ 44.0:5; ·.'11.~~ 4K:>'.h l 6S.J !:4 104.3~0

( I) T111.-'lllpt:mi-1r ri m.-,t., ~.rt Nrd!': tr.r :;p~tci& r fflJl•~1..-:. (') -,,t ·iwt!'~. fN:. f.'w t:mnrninf, r :h r,l rir,n

Statemeo, of Ca.sh Flow (DDRS-adjus1ed'1 (t rt :-usuds) ros tl:: "'C'...t-ended .~ sH 30

.!006-1001 20-0~1006 l •)O~.!OM 11)1)3- !00J 2•l +H - 200S

()i>N:t rin.~ l':."\1:mc-, .. brfM t'. fun:t ,:-;:111rit,11--·n11C 13,444 41,?.? l 18,8~4 J.4,0~ 14,77(1

lum• li:,;: li: <11 ·11,71 ; •l?..~').'l 1Q,1~N 1s,,.'-~ 'l-1:171 O llw,: mm 1:;1~ 1 ;· , t 11:;finr,1I~ ~18 ,1-1 1) ()(),'111f•) ()6, l Xi ) ~1'>,11 \ ) ~1 1,(,1111)

C.::.ib flow from ~ r.m -:-ns 64.0 !ti 64.19'! 6.2.!I)") 46.902 .H.641

Cban,lc in w-:<l.:in; ctpi.tlt ('l.017) !14.290 (7.483) 9.847 (1ti0)

Opct'.i::Qg CM:1 flc·.v aflcr \\'1;,!'lcitlg capit:il 6 1,999 #.901 54.617 56.:'49 3?..381

' Je-1 n 1p 1l:il ~" J""Mb h ll t':,~ (i '.1.,(10 /4) c•n,-..·:r,> (J:i,b.'i '.'.) ~i')., J.K.') ~ !i ,'>11(,)

l' 1tcec ~~,;\1 llu"' 29,;19/ (>.;l:t:, ) 0.98) :!4.4(!:t (j4 ,):1::0)

"' U,,.:U.,,,J :11: 'i'UO.~ 1::,pd :J t 11p.-ml.J•~ ~l:l .ll'a"l.-1:~u tu .•w~-. 1...-:111. l'l'll M ~a:•1b.l 1,11W-~u,.,.-,.

Queen'.s Quern's 1:nivrrsity Unive rsit y

R~(lt)rf rJi'llr>.! Suuunar,,. Statistics !DDR.'::i-adiusted l ~111il ? ':I, J i)M Foe the y;;ar au:100. Ap!'l 2.C,

:!OOo-2007 :?00~ 2006 '10(lJ-:!(l(l;

T'lt,11 Enr'llmtnt (F!EJ ( 1) JI) ) 1 .. ' ) Q) (;,1

cnx:r-~ .a:-..::atc 84% 85%

l ~ad!Jal,: )6% 1)%

T01al ruwi:tl dl3f'lgt" -0.2% 3.2%

T'ltal Employtu ,;,F!EJ (l ) 'i .SW ·,i, i (,r,i

FJ.,:tl:y l.445 1.357

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