October 5, 2023 - 11:00am
University expects to return to balanced budgets for the 2026-27 academic year
Today, Vancouver Island University (VIU) shared a new Deficit Mitigation Plan that charts a path for the university to return to balanced annual budgets in three years while prioritizing its continued commitment to student learning.
Like many other post-secondary institutions, VIU has not seen student enrolments return to pre-pandemic levels. The pandemic also resulted in increased costs to deliver student services for fewer students. These external factors, combined with record inflation, have led to VIU projecting a $20.2-million deficit for the 2023-24 academic year.
“Students are the reason that VIU exists, and I am confident the measures we are putting in place will allow VIU to continue to meet our students’ needs and deliver the high-quality education that they expect,” said Emily Huner, Chief Financial Officer and Vice-President, Administration. “While the pandemic negatively affected our financial situation, it has also allowed us to focus on becoming resilient in the long term. Our commitments to student support and experiential opportunities remain a top priority.”
VIU has set a 10 per cent budget reduction target for its academic and non-academic units to be reached by the 2025-26 academic year. Academic units are not required to make any reductions in the current academic year. Non-academic units are required to meet half of this target in the current financial year and the remaining five per cent by 2025-26. Academic units will be required to meet the 10 per cent target by 2025-26.
VIU will also use the three-year window to continue to examine current business practices and examine ways to become more efficient while remaining committed to its learners. The university will also explore measures to increase revenues.
Throughout the deficit mitigation process, VIU will remain committed to meeting its commitments to People, Place and Potential and values of understanding, connection and commitment, as identified in the institution’s five-year Strategic Plan that was released in 2021.
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Media Contact:
Jenn McGarrigle, External Communications Manager, Vancouver Island University
C: 250.619.6860 | E: Jenn.McGarrigle@viu.ca | T: @VIUNews
The VIU community acknowledges and thanks the Snuneymuxw, Quw’utsun, Tla’amin, Snaw-naw-as and Qualicum First Nation on whose traditional lands we teach, learn, research, live and share knowledge.
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