Business
RDC’s Donald School Of Business Celebrates Major Enrollment Milestone!
The Donald School of Business at RDC is celebrating a special milestone, as enrolment at the School has surpassed 1,000 students for the 2016-17 academic year.
“We officially opened the doors at our downtown campus to students in the fall of 2011,” says Darcy Mykytyshyn, Dean, Donald School of Business. “It’s incredible to consider that, over the last five years, we’ve continued to expand and grow our offerings, and our student enrolment has also grown by 82% during this time.”
“The enrolment increase can be explained by the manner in which we look at our business,” says Mykytyshyn. “We focus on what we call the three A’s of the Donald School of Business – Achievement through Access and Application.” Course delivery is a critical component to meeting students where they are. Online courses and innovative delivery options, such as the new executive weekend delivery of Business Administration 110, make courses more accessible to those in the workforce.
The breadth of business programs offered is also positive for students, allowing them to follow their chosen career paths without having to leave central Alberta. As an example, the Donald School of Business offers a Bachelor of Business Administration degree at RDC, partnering with Mount Royal University, which allows business students to remain in central Alberta while completing the fouryear degree.
For RDC alumna, Laura Allard, the opportunity to stay in her community while pursuing her education was a huge benefit. “I had lived in Calgary and Edmonton for several years, but Red Deer is home, as I grew up here and my family are in this community,” she says. “Through Red Deer College and the Donald School of Business, I was able to go through a laddering option for my education, where I completed a Management Certificate, then a Business Administration Diploma and finally my Bachelor of Business Administration Degree – all right here in Red Deer.”
Now a Senior Accountant with MNP in Red Deer, Allard is still a part of RDC through her volunteerism with the Donald School of Business Advisory Council, which allows her to have a positive impact on the School and its students.
Allard’s on-going connection to the Donald School of Business reflects the commitment demonstrated by the central Alberta business community. “From the beginning, we’ve emphasized building strong relationships with key stakeholders, from the generosity and engagement of Jack and Joan Donald, to the students and the businesses that hire them,” says Mykytyshyn. “By embracing the location of our campus, which is in the heart of Red Deer’s downtown business district, and working with business leaders we have been able to bring strong practical opportunities to the classroom that augment the academic experience we provide. We’re educating students who will be part of our local business community, and that means we have a very special relationship with our partners.”
Through these relationships, Mykytyshyn notes that students can learn from local entrepreneurs and business leaders through presentations and special events, and many students have hands-on learning experiences through practicums, community service learning and applied opportunities they gain during their education. None of this would be possible without the in-class expertise and instruction students receive from a diverse, experienced and professional team of faculty who teach at RDC’s Donald School of Business.
“As one of the Schools at Red Deer College, we take great pride in educating students and connecting with local businesses for the benefit of everyone,” says Mykytyshyn. “We’re a part of central Alberta and, while we’re celebrating this 1,000 student milestone, we’re also looking ahead to the exciting ways we can continue to grow.”
From the Fraser Institute
By Tegan Hill
According to the recent mid-year update tabled Thursday, the Smith government projects a $4.6 billion surplus in 2024/25, up from the $2.9 billion surplus projected just a few months ago. Despite the good news, Premier Smith must reduce spending to avoid budget deficits.
The fiscal update projects resource revenue of $20.3 billion in 2024/25. Today’s relatively high—but very volatile—resource revenue (including oil and gas royalties) is helping finance today’s spending and maintain a balanced budget. But it will not last forever.
For perspective, in just the last decade the Alberta government’s annual resource revenue has been as low as $2.8 billion (2015/16) and as high as $25.2 billion (2022/23).
And while the resource revenue rollercoaster is currently in Alberta’s favor, Finance Minister Nate Horner acknowledges that “risks are on the rise” as oil prices have dropped considerably and forecasters are projecting downward pressure on prices—all of which impacts resource revenue.
In fact, the government’s own estimates show a $1 change in oil prices results in an estimated $630 million revenue swing. So while the Smith government plans to maintain a surplus in 2024/25, a small change in oil prices could quickly plunge Alberta back into deficit. Premier Smith has warned that her government may fall into a budget deficit this fiscal year.
This should come as no surprise. Alberta’s been on the resource revenue rollercoaster for decades. Successive governments have increased spending during the good times of high resource revenue, but failed to rein in spending when resource revenues fell.
Previous research has shown that, in Alberta, a $1 increase in resource revenue is associated with an estimated 56-cent increase in program spending the following fiscal year (on a per-person, inflation-adjusted basis). However, a decline in resource revenue is not similarly associated with a reduction in program spending. This pattern has led to historically high levels of government spending—and budget deficits—even in more recent years.
Consider this: If this fiscal year the Smith government received an average level of resource revenue (based on levels over the last 10 years), it would receive approximately $13,000 per Albertan. Yet the government plans to spend nearly $15,000 per Albertan this fiscal year (after adjusting for inflation). That’s a huge gap of roughly $2,000—and it means the government is continuing to take big risks with the provincial budget.
Of course, if the government falls back into deficit there are implications for everyday Albertans.
When the government runs a deficit, it accumulates debt, which Albertans must pay to service. In 2024/25, the government’s debt interest payments will cost each Albertan nearly $650. That’s largely because, despite running surpluses over the last few years, Albertans are still paying for debt accumulated during the most recent string of deficits from 2008/09 to 2020/21 (excluding 2014/15), which only ended when the government enjoyed an unexpected windfall in resource revenue in 2021/22.
According to Thursday’s mid-year fiscal update, Alberta’s finances continue to be at risk. To avoid deficits, the Smith government should meaningfully reduce spending so that it’s aligned with more reliable, stable levels of revenue.
Author:
Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.
Alberta faces rising risks, including ongoing resource volatility, geopolitical instability and rising pressures at home. With more than 450,000 people moving to Alberta in the last three years, the province has allocated hundreds of millions of dollars to address these pressures and ensure Albertans continue to be supported. Alberta’s government is determined to make every dollar go further with targeted and responsible spending on the priorities of Albertans.
The province is forecasting a $4.6 billion surplus at the end of 2024-25, up from the $2.9 billion first quarter forecast and $355 million from budget, due mainly to higher revenue from personal income taxes and non-renewable resources.
Given the current significant uncertainty in global geopolitics and energy markets, Alberta’s government must continue to make prudent choices to meet its responsibilities, including ongoing bargaining for thousands of public sector workers, fast-tracking school construction, cutting personal income taxes and ensuring Alberta’s surging population has access to high-quality health care, education and other public services.
“These are challenging times, but I believe Alberta is up to the challenge. By being intentional with every dollar, we can boost our prosperity and quality of life now and in the future.”
Midway through 2024-25, the province has stepped up to boost support to Albertans this fiscal year through key investments, including:
- $716 million to Health for physician compensation incentives and to help Alberta Health Services provide services to a growing and aging population.
- $125 million to address enrollment growth pressures in Alberta schools.
- $847 million for disaster and emergency assistance, including:
- $647 million to fight the Jasper wildfires
- $163 million for the Wildfire Disaster Recovery Program
- $5 million to support the municipality of Jasper (half to help with tourism recovery)
- $12 million to match donations to the Canadian Red Cross
- $20 million for emergency evacuation payments to evacuees in communities impacted by wildfires
- $240 million more for Seniors, Community and Social Services to support social support programs.
Looking forward, the province has adjusted its forecast for the price of oil to US$74 per barrel of West Texas Intermediate. It expects to earn more for its crude oil, with a narrowing of the light-heavy differential around US$14 per barrel, higher demand for heavier crude grades and a growing export capacity through the Trans Mountain pipeline. Despite these changes, Alberta still risks running a deficit in the coming fiscal year should oil prices continue to drop below $70 per barrel.
After a 4.4 per cent surge in the 2024 census year, Alberta’s population growth is expected to slow to 2.5 per cent in 2025, lower than the first quarter forecast of 3.2 per cent growth because of reduced immigration and non-permanent residents targets by the federal government.
Revenue
Revenue for 2024-25 is forecast at $77.9 billion, an increase of $4.4 billion from Budget 2024, including:
- $16.6 billion forecast from personal income taxes, up from $15.6 billion at budget.
- $20.3 billion forecast from non-renewable resource revenue, up from $17.3 billion at budget.
Expense
Expense for 2024-25 is forecast at $73.3 billion, an increase of $143 million from Budget 2024.
Surplus cash
After calculations and adjustments, $2.9 billion in surplus cash is forecast.
- $1.4 billion or half will pay debt coming due.
- The other half, or $1.4 billion, will be put into the Alberta Fund, which can be spent on further debt repayment, deposited into the Alberta Heritage Savings Trust Fund and/or spent on one-time initiatives.
Contingency
Of the $2 billion contingency included in Budget 2024, a preliminary allocation of $1.7 billion is forecast.
Alberta Heritage Savings Trust Fund
The Alberta Heritage Savings Trust Fund grew in the second quarter to a market value of $24.3 billion as of Sept. 30, 2024, up from $23.4 billion at the end of the first quarter.
- The fund earned a 3.7 per cent return from July to September with a net investment income of $616 million, up from the 2.1 per cent return during the first quarter.
Debt
Taxpayer-supported debt is forecast at $84 billion as of March 31, 2025, $3.8 billion less than estimated in the budget because the higher surplus has lowered borrowing requirements.
- Debt servicing costs are forecast at $3.2 billion, down $216 million from budget.
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