The University of New Brunswick Board of Governors has approved the 2016-17 UNB operating budget that is in a consolidated net deficit of $2.6 million.
After significant time and effort by many on our campuses, we have developed a budget with more than $192 million in spending that focuses on providing strong support for our students and faculty and serving to enhance national awareness of our innovative programs and entrepreneurial mindset.
“UNB, like other universities in the region, has faced considerable challenges, and difficult yet necessary decisions had to be made in developing this year’s budget,” said Eddy Campbell, UNB president. “Despite the difficulties we face, our plan remains to turn challenges into opportunities.”
The provincial operating grant was frozen for a second year in a row. Following a year of no tuition increase last year, UNB will be increasing tuition by 5%, with a 3% tuition rebate to New Brunswick students. International student differential fees will also increase by 10%. To help offset increasing costs inherent in the budget, the university will employ $9.5 million in internally restricted reserve funds.
Despite ongoing financial constraints, UNB continues to seek out ways to improve its operations.
“We are pleased that the 2016-2017 operating budget total scholarship and student aid funding budget is being increased by 5.5% to $9.3 million,” said Dr. Campbell. “Our faculty is engaged in an academic planning process that will serve as a roadmap to assign academic resources more strategically going forward and we continue to make investments in recruitment and marketing in an effort to let more people know who we are and what we do.”
UNB’s 2016-2017 budget includes:
- Tuition rates will increase by 5%, offset by 3% tuition rebate to NB students.
- International student differential fees will increase by 10%.
- Total scholarship and student aid funding is being increased by 5.5% to $9.3 million.
- The budget contains spending reductions of approximately $5.3 million and includes staff and faculty reductions.
- A non-salary spending freeze will continue this year aside from scholarships and library acquisitions and other spending deemed critical.
Detailed information for the 2016-17 budget year, including university operations, capital activity, spending from university endowments and residence operations can be found at Budget Planning & Reports.
Media contact: Natasha Ashfield