Drafted by the Provost and Vice-Principal (Academic) Alan Harrison, working with the Provost’s Advisory Committee on the Budget, this description shows how the new budget model determines the allocation of resources in the budget.
“The new budget model promotes transparency,” says Harrison, “in which context I hope this document makes clear to all how the budget was developed.”
Although the 2013-2014 budget is balanced, the university faces significant financial pressures that will make it ever more challenging to maintain a balanced budget in the future. Specifically, the Ontario government is reducing per-student operating grants, has capped tuition at three percent a year for the next four years, and has not made any incremental funding available for deferred maintenance or new capital projects.
In addition, the current situation of the Queen’s Pension Plan means the university could be facing the need to make annual solvency payments of $35 million beginning in 2015-2016.
“With revenue curtailed, a deferred maintenance liability rapidly approaching $250 million, and significant injections of cash into the pension plan on the horizon, the university is going to have to be very cautious financially,” says Harrison.“ The new budget model and the processes associated with it will help us maintain financial sustainability and protect the university’s core teaching and research missions.
With the 2013-14 budget now approved, the budget planning process for 2014-2015 and the subsequent two year is about to start. That process will include a number of efforts aimed at containing the university’s operating costs.
The Provost will make a presentation on the approved 2013-2014 budget at 1:30pm on Tuesday, 18 June, in the Ellis Hall Auditorium.
At its meeting of May 10, 2013, the Board of Trustees approved the Queen's University's budget for 2013-2014, which was the first budget prepared under the new budget model. To view the 2013-2014 Budget Report please click here.
In March 2012, after several years of discussion, Queen’s embarked on a process to develop a new budget model for the University. Since then, the Provost and his team have engaged in significant consultation and discussion with stakeholders, including Faculty and Shared Central Services Business Officers, Senior Administrators within all Shared Services, Deans, and faculty members. The Provost has also hosted open sessions on the new budget model to engage and inform the Queen’s community.
The New Budget Model will be designed to ensure resources and funding allocations are aligned with academic goals, encourage and provide incentives for planning and innovation, and provide transparency to decision-making.
A number of Questions & Answers have been assembled to provide additional context and background on the need for a new budget model, some of the implications of transitioning to a new model, and the process that has been undertaken to date in creating the New Budget Model. Please see the tab above for a list of Q&As.
Our hope is that this forum will provide an opportunity to engage the community in a discussion about the new model, and answer any additional questions that may exist with respect to the new model. Please click here to pose a question.