Business Review · April 2026 · FY2027

Residence
Services
Review

Full Financial Overview for the period ending April 2026. Prepared for review by Senior Director, Ancillary Services.

Prepared for Paul White, Senior Director, Ancillary Services
Prepared by Brittanie Walker-Reid, Director, Residence Services
Contributors Candice Chen, Finance Partner  |  TJ Fedyk, Housing Manager
Period Month 1 of FY2027  ·  April 2026
FY2027 YTD Net Surplus
$1,938.3K
▲ $438.9K above budget (+29.3%)
YTD Revenue
$2,992.2K
▲ +$102.2K vs Budget
YTD Expenses
$931.8K
▲ $81.2K under Budget
YTD Surplus
$2,060.4K
▲ +$183.4K vs Budget
Capital Contribution Target
$250K
On Track
Revenue & Surplus Overview

Full Financial Summary

PY = FY2026 Full Year Actual  ·  YTD = April 2026 (Month 1)  ·  All figures unaudited

Category PY YTD Actual YTD Budget YTD Actual Variance fav/(unfav) FY Forecast FY Budget FY Variance
Total Revenue $26,622.4K $2,890.0K $2,992.2K +$102.2K $25.0M $24.4M +$623.7K
Total Expenses $12,349.6K $1,013.0K $931.8K +$81.2K $12.7M $12.2M ($550.9K)
Surplus (Deficit) $14,272.8K $1,876.9K $2,060.4K +$183.4K $12.3M $12.2M +$72.8K
Internal Transfers $4,516.1K $1,876.9K $122.1K +$255.5K $4.5M $4.6M +$177.5K
Debt Repayment $7,348.8K $0 $0 — $6.4M $6.4M —
NET SURPLUS (DEFICIT) $2,408.0K $1,499.4K $1,938.3K +$438.9K $1.4M $1.2M +$250.4K
Revenue: $2,992.2K is $102.2K (3.5%) favourable to YTD budget — driven by strong occupancy and payment collection on payment plans in April.
Expenses: $931.8K are $81.2K (8.7%) under YTD budget — salary savings of $28.8K and materials savings of $53.9K are key drivers.
Transfers: Internal Transfers of $122.1K are $255.5K under YTD budget of $377.6K — timing of chargebacks; FY forecast remains on track at $4.5M.
Expense Overview

Budget Commitment Tracker

FY2027 YTD actuals vs. full-year budget by category

Salaries & Benefits
FY Budget: $4M
$325.5K
Remaining: $25.0K
Materials & Services
FY Budget: $3M
$227.0K
($545.5K) uncommitted
Utilities
FY Budget: $220.6K
$9.3K
PY Credit Adj.
Maintenance & Repairs
FY Budget: $209.5K
$1.8K
($28.7K) over committed
Financing
FY Budget: $5M
$360.3K
On Track
TOTAL Expenses
FY Budget: $12M
$931.8K
($550.9K) over-budget risk

⚑ Utilities: YTD figure reflects a prior year credit adjustment. Typical monthly spend ~$26.6K. Normalizes from May.

Materials & Services

Strategic Context

The FY2027 M&S forecast overage of ($545.5K) reflects a deliberate strategic decision — not unplanned overspend.

⚠️
FY2026 — The Challenge
Revenue Shortfall
Weaker-than-expected international student registration led to significantly lower Spring & Summer revenue. Rooms sat empty. Result: PY Net Surplus vs Forecast variance of ($973.5K) — a major shortfall requiring immediate action.
✂️
May 2025 — The Response
Budget Cuts
Each manager was asked to cut $40K immediately from their budgets. Operational and M&S spending was aggressively reduced across all departments. This protected the Net Surplus position but left services and operational items deferred into FY2027.
📈
FY2027 — The Recovery
Revenue-Funded Reinvestment
Spring & Summer 2026 occupancy is promising — strong enrolment signals revenue recovery. Forecasted S/S revenue uplift has been repurposed to reinstate the services and M&S items cut in FY2026. The ($545.5K) overage is funded by revenue — not a budget risk.

Bottom line: M&S FY2027 forecast of $3.2M vs budget of $2.7M reflects the reinstatement of services deferred in FY2026, funded by stronger Spring/Summer 2026 occupancy revenue. PY M&S actual was $2.65M — FY2027 forecast is a deliberate and revenue-supported investment in Residence Services operations.

Net Surplus by Department

YTD Performance

Top performers and watch items — April 2026

Top Performers — Favourable Variance
Family Housing
+$82.1K
Crowsnest
+$78.9K
Rundle
+$43.7K
Kananaskis
+$41.3K
Watch Items — Unfavourable Variance
IT Residence
Planned annual accruals: StarRez, RealTime Networks, software licences. Timing-related, not unplanned overspend.
($13.8K)
Risks & Watch Items

Active Risk Register

April 2026 — FY2027

High

Materials & Services — FY Forecast Over Budget

FY forecast of $12.7M exceeds budget by $550.9K. M&S forecast of $3.2M exceeds budget by $545K. This is a deliberate, revenue-funded reinvestment — requires active management and reforecast communication.

($545.5K) uncommitted
Low

Utilities — Prior Year Credit Adjustment

Utilities YTD spend of $9.3K recorded against a $nil YTD budget. Attributable to a prior year credit being applied in the current period — a one-time adjustment, not ongoing spend. FY forecast of $220.6K remains on budget.

One-time PY adjustment
Medium

IT Residence (50132) — Unfavourable Variance

IT Residence YTD actual of ($16.3K) is $13.8K unfavourable to budget. Costs were higher than expected in April — monitoring required to ensure FY forecast is realistic.

($13.8K) unfav YTD
Low

Internal Transfers — Timing Lag

YTD Internal Transfers of $122.1K are $255.5K under YTD budget of $377.6K — timing of chargebacks only. FY forecast remains on track at $4.5M.

+$255.5K fav timing
Strategic Occupancy Management

Fall 2026 — As at May 28, 2026

Revenue variance collapsed from ($5.3M) to ($607K) in 9 weeks.

Occupancy Progress
43.4% → 90.3%
Revenue Variance Improvement
($5.3M) → ($607K)
FY Forecast vs Budget
$18.9M vs $19.4M
Building Booked Beds Occ % Rev Variance
Aurora245262
93.5%
($53K)
Cascade358393
91.8%
($71K)
Crowsnest364387
94.1%
($77K)
Glacier/Olympus206225
91.6%
($60K)
Yamnuska525588
89.3%
($195K)
Kananaskis*746447
166.9%
+$768K
Rundle*29447
6.5%
($846K)
KA+RU Combined*775894
86.7%
($79K)
International House202221
91.4%
($73K)
* Kananaskis is strategically overbooked to offset anticipated first-year no-shows on move-in day. Doubles convert to singles at same rate. Management continues through September drop date. Rundle and Kananaskis should always be read as a combined position.
Strategic Occupancy Management

Spring/Summer 2026

As at May 21, 2026 — validating the FY2027 revenue recovery forecast.

🌱
Spring Occupancy
50.6%
+$382K vs Budget
Feb 17 was ($136K) below budget. By March 4 it flipped to +$31K favourable and has remained above budget every snapshot since, reaching +$382K at May 21.
☀️
Summer Occupancy
62.5%
+$355K vs Budget
Summer has been consistently above budget since March 4. Now at 62.5% occupancy with +$355K favourable — validating the FY2027 revenue recovery forecast.
📋
Year Long Contract Impact
262 Students
Replaces Lost S/S Revenue
S/S (83) + Year Long (179) = 262 — virtually identical to FY26 S/S of 267. The Year Long contract effectively mitigates the international student decline for Spring/Summer.
👁️
Aurora S/S Watch
Below Budget
Monitoring
Aurora Spring/Summer remains below budget — low occupancy in 2 & 3 bedroom units. Actively monitoring; Crowsnest and Glacier/Olympus are overperforming to offset.
Year-over-Year Application Trends

FY2027 vs FY2026

4,894 total applications as at May 24, 2026 · Gap narrowing from -29.5% to -3.9%

1

UCalgary Enrollment Decline

First-year applications tracking in alignment with university-wide enrollment trends driven by national international student policy changes.

2

Competitive Housing Market

Decreased rents within 5km of campus and increased purpose-built student housing inventory are drawing students away from residence.

3

Later Application Behaviour

Students are applying closer to deadlines than ever. Strategic marketing & communications initiatives are actively narrowing the gap each week.

-3.9%
Gap at May 24
Gap narrowed from -29.5% in late January to just -3.9% by May 24. Year Long contract (S/S 83 + Year Long 179 = 262 vs FY26 S/S of 267) effectively neutralizes the international student decline impact on Spring/Summer occupancy. Strategic marketing & the Year Long initiative are working.
Health & Safety Update

EH&S Partnership Projects

Residence Education & Operations is actively partnering with UCalgary EH&S on three proactive initiatives.

01
Submitted
Updating Operational Health & Safety Documents
Documents submitted to EH&S on March 23, 2026 for review and alignment: H&S content from CA Training, On-Call Guides, CA Handbook, Residence Handbook & Agreement.
Next milestone: EH&S review outcomes — Monday, June 8, 2026
02
In Progress
Student Health & Safety Concern Submission Process
EH&S campuswide submissions are critically low. EH&S has been directed to partner with Residence Services, recognizing our proven success with the ARCHIBUS Student View system as the model for a campuswide student-facing solution.
Next milestone: Process design to be discussed with EH&S — Monday, June 8, 2026
03
Ongoing
Equipment Training & Standard Operating Procedures
Housekeeping and Internal Maintenance teams continue to work with UCalgary EH&S to update and adapt equipment training and SOP guidelines.
Ongoing collaboration with EH&S — no fixed milestone
💰 Financial Commitment: A portion of this year's reinvested revenue has been allocated to the replacement of garbage compactors and bins — directly supporting EH&S compliance for hygiene, waste management, and staff safety.
Key Takeaway Summary

April 2026 · FY2027 Business Review

01
Strong Financial Position — Month 1
YTD Net Surplus of $1,938.3K is $438.9K (+29.3%) above budget. Targeted capital contribution of $250K is on track. Revenue and expense performance are both favourable.
02
M&S Forecast Overage is Funded by Revenue
The ($545.5K) M&S FY forecast overage reflects deliberate reinstatement of services cut in FY2026, directly funded by stronger Spring/Summer 2026 occupancy revenue.
03
Application Gap is Narrowing — Strategy is Working
First-year applications were 29.5% below FY26 in late January. By May 24 the gap has narrowed to just 3.9%. Strategic marketing, the Year Long contract, and later-applying student behaviour explain the trajectory.
04
Fall Occupancy Momentum is Exceptional
Fall 2026 moved from 43% to 90% occupancy in 9 weeks. Revenue variance collapsed from ($5.3M) to ($607K). Strategic overbooking of Kananaskis provides buffer against first-year no-shows.
05
Spring/Summer Validates Revenue Forecast
Spring is +$382K and Summer is +$355K favourable vs budget. The Year Long contract has effectively replaced lost S/S international student revenue and is in high demand.
06
Demand Headwinds Require Continued Management
UCalgary enrollment decline, competitive housing market, and shorter waitlists create ongoing occupancy risk. Active management of overbooking, room-type conversion, and waitlists continues through September.
Looking Ahead

Next Steps & Actions

→
M&S Reinvestment
Confirm revenue-funded M&S reinvestment plan; forecast overage is intentional and fully supported by Spring/Summer 2026 revenue recovery.
→
EH&S Review (June 8)
Attend EH&S meeting; report Project 1 document review outcomes and advance Project 2 student submission process design campuswide.
→
Fall Occupancy
Continue strategic KA/RU overbooking management through move-in day; manage double-to-single conversions and monitor waitlist depth through September drop date.
→
Application Gap
Continue targeted marketing and communication initiatives to close the first-year gap; monitor weekly trajectory toward deadline.
→
May 2026 Financial Snapshot
Prepare updated actuals and reforecast for next Business Review.