The University of New Brunswick Board of Governors has approved the university’s 2017-2018 budget, which represents the first of a three-year plan to balance the operating budget by the 2019-2020 fiscal year.
“The UNB 2017-2018 budget focuses on continued investments in our academic mission and research, while realizing cost savings through expenditure controls,” said Dr. Eddy Campbell, UNB president and vice-chancellor.
After considerable analysis and effort, UNB presented the Board of Governors with the 2017-2018 operating budget with a net deficit of $2.3 million.
University expenses continue to grow at a faster rate than revenues, although progress is being made to close the gap. UNB is committed to providing strong support for its students and faculty and enhancing national awareness of its innovative programs and entrepreneurial mindset.
“We have the opportunity to review our processes and the reasons behind them, and make changes which will position us to make a difference and provide an exceptional education to our students,” said Dr. Campbell.
Details of the budget include:
- The Province of New Brunswick has provided a one per cent increase in the operating grant to UNB, the first increase in the operating grant since 2014-2015;
- UNB has increased the basic tuition fee for the 2017-2018 year by two per cent and the international student differential fee by five per cent;
- Three critical items have also been added to the base budget: increases to enterprise software license costs, library acquisitions to address chronic underfunding due to U.S. exchange and high inflation, and recruitment, which had previously been funded through indeterminate funding.
This budget does not include any faculty or staff layoffs, but some vacant positions have been removed. Faculty complements on both campuses are unchanged and the staff complement was reduced on both campuses through attrition.
Approximately $40 million was managed out of the budget over the past 11 years and the average annualized expense growth in the last 10 years was 2.3 per cent. In 2017-2018, UNB realized $6 million in savings.
Three active budget committees provided input on the budget process and decisions from October through to the completion of the budget in April. These committees will meet through the summer and continue to provide input and advice with respect to the long-term budget strategy.
“UNB is poised to seize the opportunities presented to build stronger partnerships with government, industry and the community to help our students and our province develop and succeed,” said Dr. Campbell.
See detailed information for the 2017-2018 budget year, including university operations, capital activity, spending from university endowments and residence operations.
Media contact: Sonya Gilks