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³ÉÈË´óƬ's budget for 2013-14 was approved by the Board of Trustees at its May 10 meeting.

The balanced, $457-million budget reflects advice to the Provost from the and broad consultation with the university community.

"The 2013 budget is balanced, but the university continues to face significant pressures and risks," says Alan Harrison, Provost and Vice-Principal (Academic). "The pension deficit, our heavy reliance on government funding and tuition policy, and the need to invest significant resources in infrastructure renewal are just some of the factors that require us to be very cautious financially."

This budget is the first prepared under the new, activity-based budget model, which allocates revenues directly to the faculties and schools that generate them, and in turn attributes indirect costs (including shared service costs) to those units.

"The new budget model involves a more transparent budgeting process and empowers faculties and schools by allocating the revenue they generate directly to them," says Provost Harrison. "It also provides incentives to operate efficiently, while supporting investment in the university’s strategic priorities."

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