Â鶹´«Ã½

As announced in January 2019, the government’s  included a 10 per cent decrease for domestic students in fiscal 2019-2020 and a freeze in fiscal 2020-2021. This tuition reduction has significantly impacted the university’s short-term financial forecast while at the same time requiring the university to explore strategic enrolment growth opportunities and alternative sources of funding. 

With the support of faculty and staff, the university has consistently delivered on its fiscal plans with lean budgets, and will continue to do so in the coming year. During last year’s planning, all budget holders proposed budget efficiencies of eight per cent over two years. Leveraging this work, the university’s Senior Leadership Team is focused on identifying opportunities for one-time reductions to variable operations (e.g. facility refurbishment initiatives) and a delayed hiring strategy. This approach will help the university budget in a manner that better reflects its forecast of actual expenses.

In times such as these, it is important to remain focused and to work collectively to realize further successes for Â鶹´«Ã½. Through our integrated planning activities, the university remains focused on its mission and strategic priorities. We have started on a path that will help solidify our university as a remarkable and recognized place of scholarly endeavor and phenomenal student experiences supported by our tight-knit community. Over the next few weeks, and following our normal consultation processes, the Senior Leadership Team will formulate a recommended budget to be presented to the Board of Governors for approval at the end of April. As we work through this budgeting exercise, we will do so in a principled manner, consistent with the values set out by President Murphy in 2019:

• Providing an excellent learning environment and student experience.
• Minimizing the impact on faculty and staff by finding efficiencies.
• Maintaining and enhancing a diverse and inclusive campus community.
• Communicating regularly with the campus community about the budget process as it progresses.

Remaining focused on strategic priorities in a time of budgetary restraint is essential and will require all of us to work together. The university has demonstrated new ways of thinking that can be disruptive and efficient, while at the same time enhancing the quality of its educational programs. We will continue to be successful as we use this restraint to identity new opportunities to further transform Â鶹´«Ã½, building upon areas of strength for our future.

Upcoming technical budget meeting – February 26

A meeting for budget holders and those requiring more details will take place Wednesday, February 26 from 9 to 10 a.m. in the Energy Systems and Nuclear Science Research Centre, Room 1096. If you are unable to attend in person, visit the (contact Joanne Jackson, Administrative Assistant, Office of the Provost, at ext. 5468, fo the username and password).

If you have questions or innovative ideas to help the university with cost savings, please share them by contacting budget@ontariotechu.ca.