Board of Governors approves VIU’s 2024-25 Budget

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April 2, 2024 - 4:45pm

2024-25 Budget continues path for the university to return to balanced budgets

Vancouver Island University’s Board of Governors has approved the university’s 2024-2025 Budget.

VIU’s forecast deficit budget for the 2024-25 fiscal year has decreased to $8.9 million from $12.6 million. Additionally, the projected budget deficit for 2023-24 is currently tracking to meet the Board-approved budget.

VIU’s 2024-25 Budget includes a 2.5 per cent reduction for non-academic areas, which were required to reduce their budgets by 5 per cent in the 2023-24 Budget and a 5 per cent reduction to academic areas to meet the 10 per cent targeted reductions for both areas by 2025-26 as set out in VIU’s Deficit Mitigation Plan.

Both VIU’s 2024-25 Budget and Deficit Mitigation Plan outline VIU’s commitment to continuing to provide students with high-quality learning, support and experiences while being fiscally responsible.

As a public institution, VIU is required to balance its budget each year and must also demonstrate responsible use of public funding from taxpayers and tuition revenue from students. It is necessary for VIU to meet the targets set out in the Deficit Mitigation Plan and annual Budget Letter from the Ministry

VIU continues to work with the Ministry of Post-Secondary Education and Future Skills on fully implementing VIU’s Deficit Mitigation Plan to return to balanced budgets by the 2026-27 fiscal year.

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Media Contact:

Jenn McGarrigle, External Communications Manager, Vancouver Island University

C: 250.619.6860 | E: | T: @VIUNews

The VIU community acknowledges and thanks the Snuneymuxw, Quw’utsun, Tla’amin, Snaw-naw-as and Qualicum First Nation on whose traditional lands we teach, learn, research, live and share knowledge.

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