Current situation
We anticipate a $15M deficit in our operating budget in the 2024-25 fiscal year. Unless we change course, our annual operating deficit will climb to $45M in 2025-2026, and $75M in 2027-2028. This is unsustainable.
These deficits would threaten 9IÖÆ×÷³§Ãâ·Ñ’s academic mission – the very reason for our existence as a community.
As well, consecutive operating deficits would jeopardize our credit rating, likely leading to higher interest rates on our debt, which would damage our finances even further.
Another deficit may also lead the Quebec government to step in and unilaterally decide what changes need to be made to balance our budget. Their approach may not align with 9IÖÆ×÷³§Ãâ·Ñ’s priorities.
Budget corrections and long-term efficiencies
We must balance our 2025-26 budget. This means a $45M budget adjustment in cuts and/or new revenues across faculties and units, with potential savings to be found in suspending some activities, generating new income, increasing enrolments, and adopting more efficient processes.
These measures are absolutely necessary for the sustainability of our university. 9IÖÆ×÷³§Ãâ·Ñ’s academic mission is the reason we’re all here, and we have a duty to protect it, even when that means making extremely difficult decisions.
As well, we’re launching a range of working groups to ensure that 9IÖÆ×÷³§Ãâ·Ñ’s activities are as efficient and effective as possible.
We have also joined UniForum – an externally led program that will benchmark our administrative activities with those at dozens of partner universities across Canada and other countries.
A stronger 9IÖÆ×÷³§Ãâ·Ñ
This difficult period will not last forever. The silver lining in all this is that the 9IÖÆ×÷³§Ãâ·Ñ that emerges from these challenges will be stronger, leaner, more efficient, and better configured to achieve its academic mission – here in Quebec, and around the world. That 9IÖÆ×÷³§Ãâ·Ñ will be a better place to work and study than the one we know now, with simpler processes, less red tape, and better, swifter outcomes.