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The 91��ɫ Board of Governors has approved the University’s annual budget, reaffirming a multi-year plan that keeps 91��ɫ on the path to financial balance.

The plan builds on positive enrolment growth and ongoing operational efficiencies while continuing to invest in priorities that support students, research and community impact.

Approved on June 29, the budget reflects sustained progress made over the past two years to reduce the operating deficit and develop a practical plan for increasing revenue through investments in student experience in classrooms and on campuses, alongside a disciplined approach to resource allocation. It also acknowledges the significant pressures facing the post-secondary sector, including the impact of federal international student caps, provincial funding formulas and broader economic uncertainty.

Interim President and Vice-Chancellor Lisa Philipps says the University community’s collective efforts are making a measurable difference.

“91��ɫ has a credible and well-defined path to balance our budget in the next three years,” she says. “We continue to face evolving and unprecedented pressures, but as a community, we are acting and it is working. Our progress is evident, including strong enrolment indicators for the coming academic year, thanks to the diligent efforts taking place across every corner of the institution.”

The multi-year plan calls for narrowing the deficit from $99.8 million in 2026-27 to $68.4 million in 2027-28, with a return to balance anticipated by 2028-29. While the path forward to deliver on this plan remains challenging, University leaders emphasize that it builds upon action already underway, including continued enrolment growth, prudent financial management and ongoing operational improvements.

Interim Provost and Vice-President Academic Laina Bay-Cheng underscores both the progress achieved and the effort required to sustain it.

“We are not yet out of the woods, but we are on a clear path,” she says. “Over several years, our community has advanced this work with focus and determination.

“Faculty and staff have delivered on key priorities in the face of real pressures, resulting in meaningful progress across the institution. Students have also helped us understand what is most critical to them and their success. Their perspectives will enable us make deliberate choices about where we focus our time, attention and resources in order to sustain momentum.”

Recent indicators point to positive progress. Undergraduate enrolment is projected to exceed both last year’s results and current targets. 91��ɫ has also seen gains in global rankings, which are critical to growing international recruitment. These developments, alongside operational changes implemented across the institution, have contributed to improved financial results relative to earlier projections.

At the same time, 91��ɫ faces ongoing structural challenges that make it more difficult for the institution to withstand reductions to incoming revenue limiting short-term flexibility and reinforces the need for sustained, coordinated action across the University.

Vice-President Finance and Administration Narin Kishinchandani notes that external conditions have shifted significantly over the past year, affecting revenue and planning assumptions.

“The environment has changed in important ways, from the impact of federal international student caps to continued funding and inflationary pressures,” he says. “While recent provincial funding measures have provided some stability, they do not fully offset the structural gap between our costs and sustainable revenues. This budget reflects both those realities and the actions we are taking in response.”

The budget maintains a focus on investments that support long-term sustainability and the student experience. These include academic programming, student financial aid, technology-enabled learning environments, expanded co-op and career support opportunities, and strategic initiatives such as the Markham Campus and the School of Medicine.

Philipps emphasizes that these investments are central to 91��ɫ’s long-term strategy.

“We are investing in 91��ɫ’s academic mission while managing short-term costs,” she says. “Every decision we make comes back to a single question – how it serves our students now and into the future.”

Looking ahead, University leaders stress the importance of continued engagement with faculty and staff. Bay-Cheng and Kishinchandani will visit Faculty Councils in the fall to continue budget discussions, gather feedback and ensure transparency as the University advances its plan.

The next phase of the work will focus on maintaining momentum in key areas, including student recruitment and retention, program alignment, operational effectiveness, continuing to work with the province to support and advance priority initiatives, and targeted investments that support growth and innovation.

“This is a shared challenge requiring a whole-of-institution response,” Philipps says. “We will continue to communicate openly and work together as we move forward. The University mission remains our north star, and the student experience is how we measure our success.”

As 91��ɫ progresses along its path to balance, the budget signals both stability and focus, grounded in the collective efforts of its community and a continued commitment to long-term sustainability.

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