Update on UBC’s budget for the 2023/24 fiscal year
UBC’s Board of Governors has approved the 2023/2024 budget, setting out the university’s spending priorities for the year ahead.
As a whole, the university is operating in an environment of fiscal restraint, with distinct conditions existing at our two campuses. This year, and into future years, the combination of rising costs and constrained revenue will require conservative financial strategies and proactive approaches.
The 2023/24 budget process was extended by two weeks to allow additional time to address the current economic challenges and position the university for success in the decades to come.
The approved balanced budget reflects strong financial stewardship while supporting the university’s academic mission in teaching, learning and research as well as our commitment to positively impact social and economic conditions in British Columbia and beyond.
The budget prioritizes investments that advance our academic mission; as well as equity, diversity, and inclusion; UBC's Indigenous Strategic Plan; crucial supports for our students; and our response to the climate emergency. Key highlights include:
- New and continuing investments in 1) recruiting and retaining exemplary students, faculty, and staff; 2) world-class research and teaching infrastructure; and 3) providing an enriched student learning experience, both inside and outside the classroom.
- Support for the recommendations of the Student Affordability Task Force Report aimed at lowering financial barriers for existing and incoming students, as well as funding for critical student mental health and wellbeing supports.
- Investments in implementing the Indigenous Strategic Plan, including support for the šxʷta:təχʷəm Collegium for Indigenous students at UBC Vancouver and the Bachelor of Nɬeʔkepmxcín Language Fluency at UBC Okanagan.
- Funding for the implementation of various institutional EDI-related plans and recommendations through the Strategic Equity and Anti-Racism (StEAR) Framework and Roadmap for Change.
- Support for our ambitious climate action plans, advancing the work of the Climate Emergency Task Force, and funding to develop and institute climate solutions.
We would like to express our thanks to all those who engaged in this year’s process. By working together to focus on our priorities and plan carefully, we were able to ensure UBC’s overall financial health and profile remains strong with very high credit ratings and that we continue to advance our strategic goals.
To learn more, read UBC’s 2023/24 Budget Report at https://finance.ubc.ca/reporting-planning-analysis/ubcs-budget-process. Thank you to all those who helped create this report.
Frank Laezza
Vice-President, Finance and Operations
Gage Averill
Provost and Vice-President, Academic, UBC Vancouver
Lesley Cormack
Deputy Vice-Chancellor and Principal, UBC Okanagan
This message was sent by Bulletin to the Vancouver and Okanagan campuses.