York University's three-year budget plan has been approved, taking a thoughtful and prudent approach to secure long-term success.
Like many post-secondary institutions across Canada, York University has been actively managing emerging financial pressures resulting from post-pandemic enrolment trends, government funding frameworks, inflation and other factors. After extensive consultation and dialogue with all Faculties and divisions, the three-year rolling budget 2023-26 was approved by the Board of Governors and presented at Senate in their June meetings.
The budget plan ensures that an in-year balance can be achieved in 2025-26 while continuing to advance the strategic priorities outlined in the University Academic Plan 2020-2025 for the long-term success of the University. York's financial reserves will help mitigate the near-term impact of revenue shortfalls.
"York's strong vision continues to shape the academic programs, research, creative activities and innovation that are elevating our reputation, attracting high-quality students, faculty and staff, and enhancing the well-being of the communities we serve," said Rhonda Lenton, president and vice-chancellor.
Provost and vice-president academic Lisa Philipps added, "York has made extraordinary progress over the past few years, with teaching and research advances, improved global and domestic rankings, innovative curricula, more experiential learning opportunities, and a new campus in Markham actively preparing to welcome students next year. All these initiatives are designed to meet the needs of our current and future learners, and further strengthen York's commitment to driving positive change.
"Providing new and returning students with high-quality experiences and supports is key to our success and remains a top priority for the University," said Philipps.
Steps are now being implemented across the University to help achieve the planned recovery, including both short-term cost reductions and initiatives that will drive growth, innovation and enrolment.
This story was originally featured in YFile, York University's community newsletter.
