Dear McMaster faculty and staff,
I am pleased to let you know that earlier today the Board of Governors approved McMaster University’s consolidated budget for the 2024-25 academic year.
This budget is a reflection of our continued commitment to academic excellence, research innovation and student success at a time of financial challenges for Ontario universities.
I am thankful to our faculty and staff for coming together and taking the necessary actions needed to ensure our university’s budget continues supporting our mission and vision as a global leading research-intensive institution, while maintaining responsible stewardship of our financial resources.
Transformative and impactful research ensures that we maintain our position as a leader in Canada and beyond to create a brighter world.
The collaborative spirit shown across campus early in the budget process is the reason we can forecast a narrowly balanced operating fund projection for 2023/24, with a modest surplus of $4.3 million after accounting for operations and one-time strategic investments.
We achieved this stable position by staying true to the budget model principles that have served McMaster well and continue to work for us.
As provost, I am engaged throughout the budget process, and it is important to share that at the core of our planning has been a commitment to student success.
By enabling a holistic and personalized student experience, we are supporting our graduates’ academic accomplishments and their future success.
This budget will also allow us to invest in priorities such as research in critical areas like infectious disease and nuclear medicine and energy; programs and resources that fuel entrepreneurship and innovation; teaching strategies that focus on active, experience-based, interdisciplinary, partnered and inclusive learning; and initiatives that support our sustainability goals and advance inclusive excellence on our campus.
I want to assure you that as we move through the 2024-25 academic year, we will continue to closely monitor the university’s financial health and that of our sector.
The impacts of the provincial government’s freeze on tuition rates and operating grants, coupled with the decline in revenue from international student tuition will continue to be felt.
I encourage you to stay informed about these challenges. I am committed to communicating regularly on this very important topic.
Thank you once again for your dedication and hard work. Together, we are ensuring that McMaster’s students, faculty and staff can continue to thrive.
Sincerely,
Susan Tighe
Provost and Vice-President (Academic)