Surplus budget shows McMaster University is 'weathering the storm' as nearly half of Ontario's universities run deficits
McMaster University is reporting a projected millions of dollars in surplus
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Nearly half of Ontario's universities are running deficits, but McMaster University isn't one of them.
The west Hamilton institution projected millions in surplus in its 2022-23 budget, and anticipates it will be in a similar position this year.
“We take very seriously supporting those important activities like research and teaching and student experience,” provost Susan Tighe said in an interview. “But, we've been fairly careful, I would say. That's pretty clear.”
At least 10 of the provinces 23 publicly supported universities are projecting budget deficits, a situation Council of Ontario Universities president Steve Orsini has urged the province to address, The Star reported.
The Ford government slashed tuition fees by 10 per cent in 2019 and has since frozen them for domestic students. At the same time, provincial grants have dropped by about 30 per cent since 2006-07. Local institutions have warned the multi-year tuition freeze, coupled with inflation and wage increases, has posed significant financial strain.
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Revenue from undergraduate international student tuition fees has more than doubled in recent years, from $84 million in 2018-19 to $184 in 2022-23. Enrolment in the same group has increased from 2,815 students in 2018-19 to 4,604 in 2022-23.
In fact, the university is offsetting the cost of accepting about 3,000 domestic undergraduate students above its government-funded enrolment through “extra money” from international student tuition, said McMaster president David Farrar.
“Those are the kinds of decisions that we made to try and do the best we can in terms of providing a great learning environment for our students and our research environment, and yet keep our budget balanced,” he said.