The following message is sent on behalf of Dr. Deborah Buszard, Deputy Vice-Chancellor and Principal (UBC Okanagan Campus), and Dr. David Farrar, Provost and Vice-President Academic (UBC Vancouver Campus) – for the attention of all at both campuses. u.
As we approach the end of the current fiscal year, we want to thank you for your efforts to contain costs and update you on the budget process for FY 2015/16.
UBC is currently on track to report a balanced FY 2014/15 budget after identifying a potential deficit position in the fall. Our improved financial outlook is the result of control of central administration expenses, which included a formal review process for all hiring activity. Our Faculties have also made a significant contribution to our bottom line by holding to (and in some cases improving on) their mid-year financial projections, made possible by their own reviews and control of expenditures. We appreciate the contributions from our staff and faculty, and we thank you all for your support.
Looking ahead, we recognize the need to develop budgets that are sustainable, and enable us to invest in the University’s strategic priorities. More specifically, this means providing for future strategic investments in research; teaching and learning; innovation; international; and community engagement. We are continuing to explore cost savings and new revenue sources, which we understand has led to some speculation across the organization. However, we are still in the early stages of the FY 2015/16 budget-making process, so no decisions have been made.
As we continue the budget review, we will be looking to you for help in exploring new revenue sources, organizational improvements and efficiencies. Collectively, we can ensure UBC’s budget continues to be balanced and sustainable. We will provide further updates in the coming months.