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Date: March 28, 2012

UVic's Balanced Budget Framework Addresses Fiscal Challenges

The University of Victoria’s Board of Governors has approved a balanced budget framework for the 2012/13 fiscal year that preserves funding in key areas such as student financial aid and library acquisitions while incorporating an across-the-board 1.5 per cent reduction in other areas.

The budget framework is based on an operating budget of over $309.5 million, supported through the provincial government operating grant, student fees and other funding sources. Provincial operating funds have remained static over the past two years despite unfunded inflationary pressures in the university sector. As there is no increase in the government operating grant for the 2012/13 fiscal year, rising costs require the university to implement a budget cut. The Feb. 21 provincial budget further announced that university operating grants will be cut by one per cent in 2013/14 and by another 1.5 per cent in 2014/15.

“This budget reflects the atmosphere of ongoing economic restraint and means that we will be facing continued funding challenges in the coming years,” says UVic President David Turpin. “However, we are determined to remain focused on our teaching and research excellence and competitive international standing. This will be very challenging. We are prepared to be flexible and to look critically at our operations, and later this spring we will embark on a broader campus discussion on how best to address the fiscal challenges facing us in the years ahead.”

The budget framework includes $500,000 in one-time funding to support student financial aid at both the undergraduate and graduate levels to maintain UVic’s standing in the top 20 per cent of Canadian universities. Resources will also be allocated to student recruitment and retention.

As in previous years, and consistent with Ministry of Advanced Education policy, the framework contains a two per cent increase in tuition fees. This brings annual domestic arts and science undergraduate tuition to $4,959 from $4,862. Domestic graduate annual tuition rises to $5,150 from $5,049 effective May 1, 2012.

The 2012/13 budget framework has been developed as part of a three-year planning cycle that continues until 2014/15. Access the complete document at http://web.uvic.ca/vpfin/budget/index.html.
 

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