UBC planning a balanced operating budget for 2024/25

March 14, 2024

UBC is reporting a healthy financial position as part of its 2024/25 budget proposal presented to the Board of Governors’ Finance Committee.

The report was presented to the committee in advance of going to the full Board of Governors on March 27, 2024. It acknowledges that UBC, like many other universities, is navigating a challenging financial landscape. Broader economic conditions, geopolitical tensions and issues specific to higher education are creating a measure of instability and uncertainty for the post-secondary sector as a whole.

The combination of rising costs and constrained revenue require that we adopt ongoing conservative financial strategies and proactive approaches, in order to fortify the university’s long-term financial sustainability.

Despite these challenges, UBC is forecasting a balanced operating budget for 2024/25. The university’s financial plan will continue to prioritize investments that distinguish UBC as a globally recognized and influential centre of academic and research excellence, including transforming learning, pushing the boundaries in research, and providing holistic support for our students. We will also sustain our commitments to driving positive social change, including advancing our Truth and Reconciliation and EDI goals, as well as addressing the challenge of climate change.

As we prepare to present the proposed budget to the full Board of Governors for approval, we would like to thank all those who engaged in this year’s process. You can access the proposal on the Board website at https://bog3.sites.olt.ubc.ca/files/2024/03/5_2024.03_2024-2025-UBC-Budget.pdf

Gage Averill
Provost and Vice-President, Academic, UBC Vancouver

Lesley Cormack
Principal and Deputy Vice-Chancellor, UBC Okanagan

Frank Laezza
Vice-President, Finance & Operations

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