Board of Governors approves 2016/17 budget

The University of Victoria Board of Governors has approved a $347.3-million balanced operating budget for 2016/17 that focuses priorities by maintaining and enhancing academic quality and building strength in recruiting and retaining the best students faculty and staff as a leading research-intensive university.

“The university’s budget builds on providing an outstanding educational experience for our undergraduate and graduate students,” says Vice President Academic and Provost Valerie Kuehne. “By aligning and optimizing resources, our priorities are to deliver excellence in research, scholarship and creative activity.”

In future years, the university’s Enhanced Planning Tools will also inform development of the Planning and Budgeting Framework. The new system allows greater transparency and consistency of data across all academic and administrative units and will better inform the planning process.

“UVic has developed a balanced budget that provides for financial flexibility in order to protect against potential future financial challenges that could arise as a result of changes in student enrolment levels or from other unanticipated cost pressures or revenue changes,” says Gayle Gorrill, vice president finance and operations.

The board’s vote on March 30 followed a discussion by members about the affordability of post-secondary education as well as ensuring the quality of our academic and research programs, and the health, safety, and success of students.

Student success remains the single highest priority beginning with attracting and retaining the very best. The continued comprehensive expansion to both undergraduate and graduate scholarship programs comprises the largest single investment in the three-year plan. Additional student supports, such as student life programming, mental-health initiatives, services and supports to students with disabilities, childcare and health services are also priorities over the next three years.

The budget includes increases for 2016/17 in student residence fees of six per cent, except for family housing. Residence Services operate on a cost-recovery basis for construction, maintenance and operation of student housing. When compared to other universities, UVic is 30 per cent below the average cost for residence fees and is projected to be 14 per cent below at the end of a 10-year plan to address deferred maintenance. A total of $5 million will be invested in 2016/17 to address such projects as replacing windows, roofs, interior finishes, decks, fire alarm and electrical systems, exterior repairs and various minor renovations on select residence buildings.

UVic’s new Strategic Research Plan is also being supported in this budget including funding to begin the implementation of the plan that includes resources for animal care, Ideafest, grants facilitation and a research information system. Library acquisitions are being supported, particularly in light of escalating subscription costs for serials and journals as well as to address the reduced purchasing power of the Canadian dollar.

UVic’s total operating revenue is $347.3 million. Student fees, both domestic and international, have increased by two per cent, consistent with Ministry of Advanced Education policy, and contribute 37 per cent of the university’s operating revenue. Total student fees are projected to increase by $5.5 million, the majority of which, at $3.1 million, is related to international revenue resulting from enrolment increases that exceeded projections in 2015/16 and are now reflected in the budget plan.

Total expenditures are budgeted at $347.3 million, with 80 per cent allocated to academic areas including faculties, library, student financial aid and student services, with the remainder going to facilities and support functions. Base-budget allocation priorities includes $1.32 million in funding to support increased enrolments in the faculties, learning technology, and enhanced student experience through support for the LE.NONET program, advising and counselling services.

The Planning and Budget Framework also provides funding for capital priorities and the employment equity plan.