Keyano College announced it will restructure in preparation for the next academic year.
It made the decision citing a change in economic circumstances, new post-secondary funding model, and the need for increased efficiency.
The restructure plan impacts 13.85 full-time Equivalent (FTE) positions or six per cent of Keyano’s budgeted workforce in 2019-20.
This reduction will save the school in salaries and benefits at least $1.2-million.
Dale Mountain, Interim President and CEO, said the changes allow for program efficiencies.
“These cost savings and efficiency initiatives are being made to ensure our financial stability and to assure the sustainability of our College.”
Keyano previously announced a reduction of 19 FTE from its workforce in February 2020.
“These were difficult decisions, made necessary by budgetary constraints and a new economic reality facing public post-secondary in Alberta.”
Keyano must also consider the new funding model over the long-term.
This new performance-based model stresses greater operating efficiencies and metrics encouraging student success.
Over the next three years, Keyano must figure out how the reductions in funding will impact its annual operating grant and how to achieve its annual expenditure targets.
“We recognize that this restructuring affects people who have made valuable contributions to Keyano and in no way does this reflect on their service to the College.” Said Dale Mountain.
READ MORE: Keyano College appoints Interim President and CEO
Keyano College appointed Dale Mountain to the role of Interim President and CEO on May 11, 2020.
