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At their April 1 meeting, the Board of Governors approved UVic’s Planning and Budget Framework, which outlines key areas of focus over the next three years as well as our operating budget for the coming year.

Annually, the Vice-President Academic and Provost and Vice-President Finance and Operations present a draft of the Planning and Budget Framework, Part I to the Board of Governors in January for advice and feedback. Part I outlines the current budget context and provincial environment, notable enrolment changes and expenditures, and priorities and areas of strategic focus over the coming three years. This allows us to draft Part II, which includes the revenue and budgetary requirements to present a balanced budget. The complete Planning and Budget Framework, which includes Part I and Part II, is presented to the Board for final approval in the spring.

UVic’s 2025/26 operating budget

The Board has approved a balanced operating budget of $535 million for 2025/26 without the need for reductions or cuts, and consistent with our February update.

However, like many universities in Canada this year, UVic continues to navigate a challenging and constrained post-secondary landscape, particularly given the federal government’s approach to international study permit regulations and restrictions. Barring any unforeseen circumstances, and provided we meet our enrolment targets, we believe we can deliver on this budget.

We have been planning for several months, monitoring enrolment patterns and world events, connecting with stakeholders and our government partners, and refining enrolment and budget scenarios. Our budget is underpinned by enrolment targets that are prudent—noting global uncertainty and recent headwinds in our sector—and Faculties and Student Affairs remain focused on recruitment and progression efforts.

Areas of focus

No new ongoing investments are planned in this budget, apart from government allocations to support approved academic program expansions. The Planning and Budget Framework does, however, provide for a three-year outlook and includes indicators of future priorities, aligned with our Strategic Plan and institutional goals.

A key area of focus is enhancing financial sustainability, including by prioritizing core mission and through revenue diversification. Given the close link between enrolments and budget, student recruitment and progression are a top priority, and Indigenous recruitment also remains an institutional priority. Quality teaching, learning and research are fundamental to our core mission and will always be prioritized.

To support student success and access, we have competitive scholarships and needs-based financial supports—including for students who experience barriers—as well as other initiatives to help address affordability, food and housing insecurity. UVic's real estate strategy outlines the development of a new mixed-use University District, to further diversify revenue and provide housing, and we are also planning for a new 500-bed student residence. We are also prioritizing student health, wellness and safety, and we are supporting accessibility and academic accommodation strategies.

We continue to reach new learners through pathways, micro-certificates, degree programs and professional graduate programs, as well as through transfers, dual admissions and other partnerships with post-secondary institutions in BC.

We also look forward to the Faculty of Health becoming operational on May 1, which will lead to new opportunities under the leadership of the inaugural dean, including strengthening our research profile.

Importantly, the Planning and Budget Framework outlines support for the Equity Action Plan and Indigenous Plan, through the leadership of the Vice-President Indigenous and EQHR. We continue to work together on these and other strategic plans by thoughtfully using the resources we have, as we work towards respecting the rights of one another and being in right relationship with all things.

Finally, External Relations is leading a Comprehensive Campaign to engage donors and fundraise, and we continue to strengthen our connections with community and alumni.

Strengthening the sector

In addition to taking steps to ensure financial stability for our university, UVic is also supporting resiliency for our sector and demonstrating the essential role that universities play in healthier societies and a strong economy. The BC Government’s Labour Market Outlook forecasts one million job openings by 2033, with 75% of those openings requiring post-secondary education and training.

We are also enhancing pathways and partnerships with our post-secondary colleagues across BC, and we invite discussions and initiatives to strengthen the Canadian post-secondary system.

We have shown resilience in a volatile post-secondary landscape, and our fundamentals are strong.

Additional information

Published April 8, 2025