UBC sets out spending priorities in 2022/23 budget

The University of British Columbia (UBC) Board of Governors has approved UBC’s 2022/2023 budget. The new budget sets spending priorities for the year ahead to advance the university’s key strategic priorities while supporting students, faculty, and staff in their collective pursuit of excellence in learning, teaching, and research.

Greater than anticipated enrolment, significant efforts to reduce expenditures, and strong government support have enabled UBC to manage the continuing financial impact of COVID-19. While the 2022/23 day-to-day operating budget projects a $7 million deficit, the total consolidated budget — which includes capital spending for expenditures such as building projects, roads, and other infrastructure, and restricted income earned from land development proceeds, research, and endowments — is projected to result in a $100 million surplus. UBC’s financial health remains strong and external credit rating agency Moody’s Investors Services recently reaffirmed UBC with an Aa1 rating.

This allows UBC to continue to move forward, directing limited resources to key areas, including the advancement of the academic mission; expansion of academic and non-academic support for students to enable their success in and out of classrooms; supporting the implementation of the Climate Action Plan and the Climate Emergency Task Force recommendations; advancing the commitments of the Indigenous Strategic Plan; and furthering Anti-Racism and Inclusive Excellence initiatives.

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