Overview
Concordia is facing extraordinarily challenging times. Since the Board of Governors approved our last budget on May 18, 2023, several major developments have reshaped our operating environment, including a cumulative decline of student enrolment, changes to the tuition fees framework for out-of-province Canadian and international students and continuing high rates of inflation.
All these changes result in structural and recurrent budget challenges. Meanwhile, our capacity as a large institution to rapidly adjust our activities in response to these headwinds is limited.
Last fall, when it became clear that we would not meet our Board-approved deficit target of $19.4 million, we reforecasted our budget, implemented cuts of 7.8% and submitted a recovery plan to the Board and the ministère de l’Enseignement supérieur to return to a balanced budget by 2028-29.
Our recovery plan has been approved, and our 2024-25 budget has been prepared. Our approved deficit for this year is $34.5 million.
