For the 2017/2018 school year, the AMS appears to be in a strong financial position.
While the exact financial statements have yet to be released, VP Finance Alim Lakhiyalov said that thanks to a solid performance last year, the AMS will be able to move forward in the fall with a tentative $356,000 surplus.
Giving special mention to the Gallery 2.0 and Uppercase, Lakhiyalov explained how the nine businesses run by the AMS have been performing well. He attributed the steady contribution from the businesses to the fact that they are operated primarily by senior management at the AMS, meaning they don’t suffer the same level of turnover as the rest of the AMS Council through yearly elections.
While the AMS operating in the black hasn’t historically been a recurring theme, Lakhiyalov hopes to have budgetary surpluses become the norm.
“I do hope it becomes common,” he said, “because by ensuring that we do have a surplus for next year we are able to open up a lot more avenues, and have a lot more resources that we can allocate to student services and other aspects of the society.”
By using basic accounting principles — such as over-budgeting projected expenses and under-budgeting projected revenues — while making the budget projection for this year, the finance team is optimistic that the real numbers at the end of the year will be close to what was projected.
Looking to the future, Lakhiyalov hopes the legacy he can leave is that of sustainability. By ensuring that he leaves his successor a long-term, stable financial plan, he is aiming to ensure that the AMS can continue to provide UBC students with all the resources they need.
“We’re only elected for one year,” he said. “There’s only so much we can do in that time, and we need to think in terms of three, five, and 10 year plans. I care about this place and I definitely want to leave it in good condition.”