Planning & Budget Framework

At their March 26, 2024 meeting, the Board of Governors approved UVic’s Planning and Budget Framework, which outlines key areas of focus and investment over the next three years as well as our operating budget for the coming year.

UVic’s 2024/25 operating budget

UVic's Planning and Budget Framework provides for a three-year outlook and includes indicators of future investments, aligned with our strategic plans—including the recently launched Distinctly UVic: A Strategy for the University of Victoria (2023 Forward)—and institutional goals.

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 investment 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 in March for final approval.

Like many universities in Canada this year, UVic is taking steps to ensure a balanced budget for 2024/25. We have been planning prudently for several months, monitoring enrolment patterns and world events, connecting with stakeholders and our government partners, and developing enrolment and budget scenarios. Learn more about the budget process for 2024/25.

Areas of focus

Areas of focus for the coming years include creating a culture that upholds our values and commitments, addressing financial sustainability, and operationalizing the strategic plan.

Consistent with previous years, we continue to invest in competitive scholarships and needs-based financial supports to ensure student success and support access and affordability, including for students who experience barriers. In addition to scholarships, we are enhancing student recruitment and retention efforts, prioritizing student health and wellness services, and developing new strategies to support accessibility and academic accommodations.

As we diversify enrolments and revenue and position ourselves for the future with our new strategic plan, we will work to ensure faculty, librarians, staff and students are well supported. Quality teaching, learning and research are fundamental to our core mission and will always be prioritized. We have shown resilience, our fundamentals are strong, and we are well placed to see improved outcomes in the years ahead.

Questions?

Integrated Planning

The Integrated Planning Committee plays a key role in budget governance. As the name suggests, members work to integrate priorities across the university, ensuring newly funded initiatives align with university plans and with other priorities across campus.

The committee is chaired by the Vice-President Academic and Provost and includes the four Vice-Presidents, the University Secretary, and Associate Vice-Presidents from all portfolios.

Roles and responsibilities

The committee reviews and coordinates the annual priorities of all university portfolios in the context of the university's strategic plan and within a three-year planning horizon.

• Coordinates planning across all VP portfolios
• Operationalizes the university’s Strategic Plan
• Plans for a three-year integrated planning horizon
• Discusses major strategic objectives and priorities
• Develops the annual Planning and Budget Framework
• Determines operational and resource requirements