McMaster balances its operating budget following significant funding challenges
McMaster’s 2019/20 operating budget is balanced, after taking revenue and efficiency initiatives in the face of resourcing pressures.
“This is a very challenging time for university budgets and McMaster faces considerable strains as we map our financial future,” says Provost David Farrar. “For the coming year, we’ve had to be strategic in our approaches, while being flexible to meet the gap in funding from lower tuitions, capped domestic enrollments and other changes. At the same time we’ve worked to be able to cover inflationary costs and invest in hiring new faculty positions.”
McMaster’s $1.075-billion consolidated budget includes:
- a $709-million operating fund that is balanced
- a $197-million research fund
- growth in faculty positions by 6%
- strategic investments in capital projects directly aligned to the academic and research missions
- continued investments in the Brighter World strategy and the upcoming Brighter World Research Initiative
- financial plans incorporating the 10% reduction in domestic tuition, frozen tuitions for 2020/21 and a provincial cap on domestic student enrolment
- plans to increase revenues to the university while enhancing the student experience
“Demand remains high for McMaster, from prospective students, new faculty members, researchers and partners around the world,” Farrar says. “Anticipating continued financial pressures from traditional funding sources and the effect of inflation in coming years, we will continue our strategy to help increase revenues and lower costs to support our students, faculty and researchers by diversifying our student population and focusing on opportunities for new sources of income.”
