UBC’s Board of Governors has approved the 2023/2024 budget, setting out the university’s spending priorities for the year ahead.
UBC’s operating budget—the funding that covers the university’s day-to-day activities—is projecting a balanced position in 2023/24. The consolidated budget, which includes funding set aside for specific purposes (such as capital and research) not available for general operational activities, is projecting a surplus of $85 million. Leading credit rating agencies continue to consider UBC as having a “very strong financial profile” and rate UBC’s financial obligations as high quality and very low credit risk.
Planning for the 2023/24 budget began at a time when global economic deceleration and rising inflation were intensifying financial challenges for the UBC community. This year, and into future years, the combination of rising salary costs, unprecedented global inflation impacting non-labour costs, and slower future growth of domestic and international student enrolment will require conservative financial strategies and proactive approaches.
Please read the UBC Budget Announcement to learn more about this year’s budget and the university’s priorities.