The University of Windsor has announced it has achieved a balanced budget for 2024/2025.
The university says it was attained through the prudent use of one-time funding from the Ministry of Colleges and Universities and an immense and challenging collective effort to realize efficiencies.
"With recent developments posing challenges for not only UWindsor but all postsecondary institutions in Ontario and Canada, it is imperative that we exercise prudence," said Robert Gordon, President and Vice-Chancellor. "Fiscal sustainability is paramount to realizing our academic mission, achieving collective goals outlined in the university's strategic plan, Aspire, and mitigating institutional risk."
The university states that while the budget is balanced, a base deficit still exists.
The university will implement a multi-year base budget-balancing strategy, emphasizing the university's commitment to financial stability, which is influenced by factors such as federal and provincial policy decisions, demographics, fundraising, enrolment fluctuations, and competitive pressures.
"As a university, we must become even more agile and resourceful, leveraging collective wisdom and innovative practices," added Dr. Gordon. "Together, we will make significant strides, addressing challenges while upholding our shared values."