Ontario Tech presented its 2025-26 budget at the Monday March 31st, 2025, Looking Ahead Town hall. This consultation session included information on the upcoming budget, the overview of the higher education context, and insights from the KPMG efficiency review. This session was similar to the 2025-26 budget presentation given to Academic Council on Tuesday March 25th, 2025.
Despite the Administration emphasizing the fiscal uncertainty that Ontario Tech is facing over the coming years, the University’s financial position remains quite strong with the Administration tabling a surplus budget for 2025-26. The proposed surplus budget for 2025-26 is in line with previous years as Ontario Tech has realized budgetary surpluses for 12 out of the last 13 budget years including this current budget year’s projected surplus of $6.5M, which is $1.1M above the $5.4M planned surplus.
Other highlights from Ontario Tech’s third quarter financial statements, as presented at Ontario Tech’s February Audit and Finance committee meeting, include:
- Total revenue is favourable $9.4M (or 4%) against original budget. This is a result of Grant increase of $5.9M (or 7%), comprises of higher-than-expected provincial grants and tuition revenues increase of $4.6M (or 4%) which is largely driven by a higher than budgeted domestic enrolment.
- General operating expenses include $1.8M of higher than budgeted consulting services, including costs associated with the new student residence and campus land development, the $1.3M capital investment for portion of the purchase of Campus Corners, and IT consulting services and $1.7M of unbudgeted estimated loss for its subsidiary, Ontario Tech Talent.
- Capital Expenses are unfavourable $3.4M against the budget driven by things such as $1.3M capital investment for the portion of the purchase of the Campus Corners location. This acquisition is being funded through a combination of current year surplus prior year reserves and external financing.
While the Administration attributes the University’s strong finances to its differentiated growth agenda and the strategic decision making of the senior leadership, our members know that it’s actually a result of unsustainable workloads as a result of larger class sizes and higher student-to-faculty ratios, less TA support, and a lack of research support. Why is the University insisting that Faculty and staff do more with less when the University’s financial position is strong enough to fund alternate revenue streams such as Ontario Tech Talent and further capital expansion from our operating budget?
As we continue to prepare for bargaining, it is vital to use every consultation opportunity to remind the Administration that the University’s success is a result of the excellent research record and positive learning environment provided by Faculty and staff. Our members believe that it is long overdue for the University to follow through on its promise to invest in its people first by negotiating a fair Collective Agreement for those of us who have worked to prioritize the educational mission of the University at all costs.