Budget planning at the University of Victoria
This website has been created to share information and key budget planning documents that are shaping the evolving budget context at UVic.
Budget Planning 2015/16
The 2014/15 budget framework approved by the Board of Governors in March outlined the preliminary financial projections for 2015/16 and 2016/17. While additional work is needed to update these projections, we believe it is beneficial for us to provide you with an early indication of budget planning parameters for 2015/16.
The final budget framework for 2015/16 will be taken to the Board for approval in March 2015, but given the current financial context and the additional tools that are expected to be available from the Enhanced Planning Tools project as well as the other factors outlined below, we are pleased to advise you that units can plan for no across-the-board budget reductions for the upcoming year.
Current Financial Context
Over the last few years, the university has experienced financial pressures due to:
1) Reductions in the provincial operating grant, and
2) Increases in collectively bargained salaries and benefits that are only partially offset by the increase in tuition revenue (increase in tuition is regulated by government policy to not exceed 2%.)
These financial pressures will continue into 2015/16 and 2016/17 and, together with the need for small, targeted investments would require combined across-the-board reductions of 1.5-2% over the next two years. We are experiencing strong international enrolments. These greater than anticipated enrollments generate incremental tuition revenue that, net of the investments required to ensure that we maintain quality programs and supports for these students, may be available to mitigate the negative financial pressures. With any budget projection there is a risk that assumptions will change significantly. While we do not anticipate any significant changes, the area that could have the largest impact is a further reduction in the provincial operating grant. Unless significantly larger than currently projected, we would cover any shortfall in 2015/16 through one-time funding or carry-forward reserves at the institutional or vice-presidential level.
Budget Planning Processes
The objective of the university’s Enhanced Planning initiative is to develop tools that can be used within our current processes to assist unit decision-makers. Improved data sets for campus decision-makers will also better align resources with institutional priorities. While at this point, units can plan for no across-the-board budget reductions for 2015/16, all units should retain some budget flexibility to better respond to any opportunities identified using the anticipated Enhanced Planning tools.
Reallocations within units and within vice-presidential portfolios will continue in order to respond to opportunities for furthering the university’s highest strategic priorities.
Advertising or filling faculty and staff vacancies will continue to require the approval of the appropriate vice-president.
Budget framework for 2014/15 balanced with no budget cuts
The University of Victoria's Board of Governors this week approved a $323 million operating budget framework for the university with no budget reductions for 2014/15.
The university was able to develop a balanced budget for the fiscal year starting April 1 despite a reduction in government funding and an increase in expenses, due to reductions implemented in 2013/14, cost containment measures, and strong growth in student enrolment.
The budget framework was developed through the university's integrated planning process with the goal to ensure that the university's financial resources are aligned with institutional priorities and areas of strategic focus.
The priorities for 2014/15 include student recruitment and success, faculty engagement and retention, promoting the quality of academic and research programs, educational technology, sustaining research excellence and fundraising among others.