Budget updates

The Office of the Provost regularly communicates with UBC faculty, staff and students about the university’s fiscal situation and budget status.

Working with the Vice President, Finance, the Provost provides timely updates giving an overview of budget progress to date, as well as future considerations.

2016/17 Budget Update, June 15, 2016

As a follow-up to our message on April 14, we would like to provide an update on the status of the UBC budget.

At the April 14 board meeting, the Board of Governors provisionally approved the 2016-17 budget.  The board acknowledged that the 2014 faculty interest arbitration award, which settled the July 1, 2014 - June 30, 2016 Collective Agreement between the University and the Faculty Association, was larger than anticipated. They asked the administration to develop a revised budget that incorporated the general wage increase for faculty, and to bring it back to the June meeting for approval.

The total cost of the faculty interest arbitration award is $16m for 2016-17. Of that $16m, $4m will be funded by the provincial government’s commitment to fund agreements within the Public Sector Employers’ Council (PSEC) 2014 economic stability mandate for all public sector employers. As detailed in the revised UBC budget, the remaining $12m will be absorbed by UBC’s Faculties. Some Faculties are funding the increase in salaries through an increase in projected revenues. Others will manage the increase through cost reductions, which may include delays in hiring until the financial outlook has stabilized.

At yesterday’s Board of Governors’ meeting, the board passed the revised budget and commended everyone throughout the university, particularly the Faculties, for developing a resolution and presenting a balanced budget. We also would like to take this opportunity to thank the Faculties for their contribution to this process.

The complete budget documents can be found here.

On behalf of the UBC Executive, we thank everyone at the university for their ongoing efforts in the planning and management of the university’s budget.

Angela Redish
Provost and Vice-President Academic pro tem

Andrew Simpson
Vice-President, Finance

Deborah Buszard
Deputy Vice-Chancellor and Principal, Okanagan campus

Visit our Research site | Visit our Students site | Visit ubc.ca

UBC ranks among the world’s top 20 public universities.