The University of Windsor will head into the 2024-2025 academic year with balanced books.
The school announced on Friday that it had achieved a balanced budget. However, U of W President and Vice-Chancellor Dr. Robert Gordon said the process was not easy.
"With recent developments posing challenges for not only the University of Windsor but all postsecondary institutions in Ontario and Canada, it is imperative that we exercise prudence," said Gordon. "Fiscal sustainability is paramount to realizing our academic mission, achieving collective goals outlined in the university’s strategic plan, Aspire, and mitigating institutional risk."
U of W said the balanced budget was achieved through the "prudent" use of one-time funding from the Ontario Ministry of Colleges and Universities. Despite the balance, the school said a base deficit still exists.
It also reported that a multi-year budget strategy has been implemented, to keep finances in check despite variations in enrollment, policy decisions, demographics, and fundraising.
"As a university, we must become even more agile and resourceful, leveraging collective wisdom and innovative practices," said Gordon. "Together, we will make significant strides, addressing challenges while upholding our shared values."