McMaster approves 2018/19 consolidated budget

McMaster’s Board of Governors has approved the University’s 2018/19 consolidated budget.

In a year of some uncertainty, change and constant budget pressures, the Budget Committee presented a balanced spending plan for the coming year.

The budget is focussed on funding strategic research initiatives, sustaining meaningful student teaching and learning experiences, building stronger connections to the community, while aligning with Forward with Integrity and the University’s commitments in the provincial Strategic Mandate Agreement.

“This year’s budget is balanced, and we continue to make strategic investments that strengthen our research progress, and support our mission of the discovery, communication and preservation of knowledge,” says Provost and Vice President Academic, David Farrar.

“This is a time of constant change and some uncertainty. McMaster continues to draw on savings to help balance our budget, while carefully prioritizing new investments to sustain teaching, learning and research. I am thankful for the work of the Budget Committee and chair Professor Juliet Daniel for their expertise and time building this year’s blueprint.”

The budget projects growth in demand from international student growth and provides for faculty renewal and other strategic investments. Funding is included to support student accessibility, student financial support and other initiatives. The budget provides for a new automated student scheduling system, funds to support the offices of Equity and Inclusion, Community Engagement and libraries.

Research investments are planned based on the Research for a Brighter World Strategic Plan, focussed on human health, healthy and sustainable societies, collaboration with partners and advancing research enterprise initiatives.

The budget considers the provincial corridor funding model cap and other financial pressures that could impact McMaster in future years, including Bill 148 Fair Workplaces Better Jobs Act, 2017. To manage these pressures, a number of administrative support reviews have been planned to ensure the University uses its resources in the most efficient way to support our academic mission. Some recommendations from previous reviews are already in implementation stages and are outlined and funded in this budget.

To view the budget click here or to learn more about the budget model, click here.