Queen鈥檚 has implemented a series of measures to address sector-wide financial challenges, including a reduction in budget allocations to all faculties and shared services. These measures are designed to maintain the university鈥檚 strong financial position and safeguard its academic and research mandates.
In May, the university projected a budget deficit of $62.8M due to the provincial government鈥檚 2019 tuition cut and subsequent tuition freeze, a pandemic-fueled decline in international student enrolment, and growing inflationary costs. In addition to the hiring freeze implemented in June, the new measures include a 1.5 per cent reduction on allocations for all units for 2024鈥25 and 2025鈥26.
鈥淚t鈥檚 important we are being as financially prudent and responsible as possible, while also protecting our core academic mission,鈥 says Donna Janiec, Vice-Principal (Finance and Administration). 鈥淪tarting now gives us all an opportunity to work together and find effective and innovative solutions to help return the university to a balanced budget position by 2025鈥26.鈥
These measures will strengthen the university鈥檚 financial outlook and do not impact philanthropic donations, which are always used as originally intended and are never redirected to cover budget shortfalls.
The university鈥檚 overall financial position remains positive, as recently highlighted by two independent and objective assessments. The AA rating issued by Morningstar DBRS and the AA+ rating issued by Standard and Poors cited exceptional student demand, effective management practices, and the university鈥檚 strong academic profile as strengths contributing to a consistently strong balance sheet.
鈥淭here is already promising work underway across campus to make sure we can adjust and adapt at the right time and in the right way,鈥 notes Teri Shearer Interim Provost and Vice-Principal (Academic). 鈥淥verall, it鈥檚 important to remember that Queen鈥檚 remains in a strong position, thanks to our positive enrolment numbers and overall financial health.鈥
