Provost and V-P (Academic) Alan Harrison and V-P (Finance and Administration) Caroline Davis talk about the development of the university’s 2012-2013 budget, last year’s financial results, and progress being made on a number of major challenges in their first financial update to the community of the academic year.

They also take the opportunity to distinguish their respective roles. As the university's Chief Budget Officer, the Provost is ultimately responsible for determining the budgets of both academic and service units at Queen's, and Finance puts the budget into effect.

The Board of Trustees has approved a deficit of $3M in the operating budget for 2011–2012 and has instructed the university to deliver a balanced budget for 2012–2013.

“When the budget balances in 2012–2013, it will be for the first time in five years, and while this will be an important step, it will not in and of itself put Queen's on a sustainable financial footing,” say Provost Harrison and V-P Davis.

The new budget model implemented for the 2013–2014 budget year will be driven by principles of responsibility-centred management as outlined in the report.