York University’s Board of Governors has approved a five-year budget plan that sets a clear path toward long-term financial sustainability while reinforcing the University’s commitment to academic excellence, student success and community impact.
“The shift from a three-year rolling budget to a five-year budget planning framework provides the University with the opportunity to realize the outcomes of the York U Forward Action encompassing program enhancements, enrolment growth and administrative efficiencies,” said President and Vice-Chancellor Rhonda Lenton. “Importantly, it ensures that we are taking the steps we need to take to address the challenges facing the sector while also seizing the opportunities that will ensure York’s continued success as a leading institution in higher education.”
The timeframe also coincides with the provincial government’s planning cycle horizon for institutional financial sustainability as laid out by the Ministry of Colleges, Universities, Research Excellence and Security’s (MCURES) under the Efficiency and Accountability Fund (EAF) review. The EAF provides funding for institutions to conduct a third-party review aimed at increasing operational efficiency and long-term financial sustainability. York, along with other Ontario universities, was invited to participate and has engaged Deloitte to conduct the assessment over the next ten to 12 weeks.
The cost of the review is funded by the MCURES EAF and will build on work already initiated including the York U Forward Action Plan and the University’s response to the Auditor General of Ontario’s (AGO) Value for Money audit.
The Multi-Year Budget Plan for 2025-26 to 2029-30 outlines how the University will navigate ongoing financial pressures associated with policy directions expected over this time period regarding domestic tuition fees, grant funding and international student permits, as well as the costs for salaries and student services while also maximizing York's ability to invest in strategically important priorities essential to its future.
This balanced approach has already begun to produce results. The University has performed better than budgeted in 2024–25. The University successfully opened the Markham Campus, positioning York for growth; secured $45 million in federal research grants, $9 million for planning for the School of Medicine; and expanded student financial aid to $36.6 million to support enrolment growth and student success. Senate and Board have approved the School of Medicine, plans for accreditation are underway and negotiations are advancing with government to finalize the operating funding.
“The University is committed to transparency and accountability in its budgeting process,” said Narin Kishinchandani, vice-president finance and administration. The University uses the Shared Accountability and Resource Planning (SHARP) model to allocate resources and track performance. The model flows revenue to the units generating it – Faculties, the School of Continuing Studies and Ancillary Services – and manages the cost of delivering shared services and strategic investments through the University Budget and University Fund processes. “In the spirit of continuous improvement, we have undertaken a review of the cost drivers and revenue sharing principles that guide SHARP,” added Kishinchandani. “The approved recommendations from this review will be incorporated in the next budget cycle.”
Some of the key actions emerging from the York U Forward Action Plan to address the remaining deficit in the operating budget include increasing domestic enrolment, enhancing international enrolments through partnership agreements, launching new professional master’s programs, and introducing a coordinated, institutional co-op program to expand work-integrated learning. At the same time, the University has been containing costs through voluntary exit programs, hiring controls and a reduction in shared services budgets. These reductions are being phased in over three years to preserve service quality and institutional effectiveness. The Path to Balance strategy projects a return to surplus position starting in 2028-29 and growing from there.
The budget plan also includes significant investments in the University’s academic and research priorities through the University Fund allocation. Faculties will benefit from a $55.7 million support allocation in 2025–26 to help balance their budgets while they work to recover and grow declining enrolment.
To support recruitment and retention, especially international, the University is investing $2.9 million over two years. It is also allocating $95.6 million in scholarships and bursaries in 2025–26, including enhanced entrance scholarships and expanded bursary programs for both domestic and international students.
In summarizing the year-end report, Lenton reflected on the University’s achievements and the road ahead, remarking “while we have made significant progress, there is more work to be done. This budget balances fiscal responsibility with our vision and priorities. It positions York University to thrive in a dynamic and demanding post-secondary landscape and reflects our determination to remain a leader in higher education and a university committed to creating positive change.”