A report outlining plans to deal with the $1.25 million AMS budget deficit was presented to the AMS Council in a private session on September 28 — but due to “sensitive” information in the report it was not publicly published, AMS President Eshana Bhangu said.
Before the AMS Council voted for the final budget plan on June 22, Bhangu and then-VP Finance Rita Jin said a report would be presented on the AMS’s plans for dealing with the $1.25 million deficit by August, but by October there was still no public budget report.
Bhangu said a report was presented to the Council, but did not reveal some of the contents of the meeting on the basis that it contained “sensitive strategic and financial information relating to the Society’s businesses.”
While not publicized, the report was presented in an in-camera session of Council on September 28.
When asked whether any changes would be implemented to address the deficit, Bhangu said the AMS would sell pieces from its Permanent Art Collection valued at a total of $2.35 million as part of a 2017 referendum item. This sale was approved at the October 12 AMS Council meeting.
She also said the AMS planned to secure a $4 million loan to pay off the renovation of the Life Building, and to expand the AMS’ off-campus catering business since the recent shutdown of Scholar’s Catering, a previous catering competitor of the AMS.
Bhangu added that the AMS is hoping to increase the revenues from its business and identify inefficiencies in the budget by conducting reviews. AMS Managing Director Keith Hester also suggested upping the general AMS fee rather than relying on the businesses ahead of the vote on the budget in June.
Bhangu has stated in the past that the deficit is “manageable” and will not affect its financial support of on-campus constituencies.
“We’re committed to finding creative solutions in addressing the deficit,” she said.