Summary

When the Fiscal Blueprint paper was penned in Fall 2023, there was cautious optimism that the provincial government would respond to the Blue Ribbon Panel’s recommendations to support the future of the higher education sector in Ontario. At best we could have hoped that they would accept all of the Panel’s recommendations. At worst, in contrast, was a concern that they would not respond at all As of the date of setting this budget, we do not have any further indications from the provincial government on either their immediate or future intentions. However, a continued tuition freeze seems inevitable. This has constrained our ability to plan and set a budget. Our current efforts, moreover, have been further complicated by the federal government’s recent imposition of an unexpected cap on international student study permits.

Budget uncertainties and strategies for financial stability

While we have presented a balanced budget for 2024-2025, without any degree of certainty on the aforementioned matters our ability to do so in the immediate future remains uncertain. Government funding would help to alleviate the situation, but there are no guarantees on how much or when such funding will be realized. Continuing to be focused on finding efficiencies is also important, yet as time goes by, the opportunities to find such efficiencies will become increasingly difficult and potentially problematic if they begin to compromise the academic enterprise. In the interim, we must stay wholly focused on our differentiated growth agenda as outlined in the 2023-2028 Integrated Academic-Research Plan to not only continue to grow our student numbers, but also to provide us with the funds necessary to support said growth as well our aspirations to continue to excel and differentiate Ontario Tech in terms of our research and our commitment to our local partners and community stakeholders.

Budgetary challenges and reserve fund commitment

What is clear at this point in time is that our budgetary challenges will continue for some time to come and the rainy day that we have been trying to avoid is just around the corner. To suggest or pretend otherwise would be irresponsible. To this end, if additional currently unaccounted for revenues are realized from government or other sources, what is apparent is that we must commit to placing such funds into reserves to cushion the uncertainty of our fiscal future.  

To date, we have made good decisions, and it is these decisions that afford us the opportunity to present a balanced budget going into 2024-2025. Going forward, we will continue to make the decisions—no matter how difficult—that need to be made in order to protect Ontario Tech’s future.