Like other Ontario universities, Queen's is experiencing growing financial pressure due to several factors:
- A 2019 provincial tuition cut and ongoing freeze for Ontario students has cost the university an estimated $180 million as of Spring 2024. This freeze is expected to remain in place until 2026.
- Queen’s has also experienced a decline in international student enrolment, which has further contributed to the budgetary strain.
- Additionally, the university is facing increasing costs due to inflation.
The numbers
Queen’s projected an operating deficit of $62.8 million for the 2023-24 fiscal year. Through cost-saving measures, the university managed to reduce it to approximately $30 million by the end of the year.
For the 2024-2025 fiscal year, the university projects an operating budget deficit of $35.7 million. This includes the anticipated impacts of enacted and announced cost reduction measures. With expenses continuing to outpace revenues, Queen’s continues to face long-term financial pressure.
Visit Queen’s Financial Services publications page for more information, including annual financial statements, annual budget reports, financial projects, and more.