In 2021/2022, despite the ongoing challenges caused by the COVID-19 pandemic, universities collectively reported a $1.5 billion budget surplus. This was slightly lower than the $1.7 billion annual average recorded in the five years (2015/2016 to 2019/2020) preceding the pandemic. All dollar figures in this release are expressed in 2022 constant dollars to factor in inflation and enable comparisons across time.
The 2021/2022 fiscal year was marked by the gradual return of students, faculty and staff members to campuses, which positively impacted universities' product and service-based revenues such as residences, parking fees and facility rentals. Universities also faced challenges with decreased revenue from government funding and investment income. Moreover, the resumption of on-campus activities resulted in higher expenditures for universities in areas such as travel, buildings, land and land improvements. These budgetary pressures took place in the context of a historically high rate of inflation, which further accentuated decreased revenues and increased operational costs.
