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The OEC, made up of leaders from across campus, develops the conceptual ideas received from various University stakeholders into detailed cost-saving initiatives and submits them for presidential approval.

OEC Implementation Leaders will refine and finalize plans and manage impacts and project risks. The OEC’s Rapid Response Team will then work with Deans, institutional leaders, Human Resources, and other stakeholders to help them implement the new initiatives.

The Rapid Response Team will collaborate directly with faculties and units affected by approved initiatives. Their support may include designing implementation plans, serving as a liaison between institutional units, providing progress updates, and developing communication and change management strategies to ensure smooth transitions and alignment with stakeholders.

Effective September 9, 2024, the restricted hiring is part of a broader budgetary strategy designed to ensure the University’s financial stability amid the current dynamic higher education landscape and significant financial challenges. The restrictions will remain in place for the foreseeable future.

The hiring restrictions apply to both new and replacement positions for all faculty and staff positions funded by the University’s operating budget and student ancillary fees, as well as positions within the ancillary fund. There are exceptions due to enterprise risk profile. The top enterprise risks are cyber security, international enrolment and human resources capacity. The co-Chairs of the Provost Budget Committee have the ultimate responsibility for determining which positions are eligible for an exception because of their connection to these risks.

No new faculty or staff positions may be posted at this time. When positions become vacant, they may be filled through internal postings, attrition, streamlining, bumping process, or temporary hires. No external postings/hirings will be permitted.

The restrictions may be lifted when there are clear signs of long-term stability, such as meeting international enrolment targets outlined in the Strategic Enrolment Management plan.

The tuition rate freeze continues for domestic undergraduates and graduates, which has been in place since 2019. Some domestic students, including students from outside of Ontario, and students in programs with tuition rates covered by the anomaly program, will see a small increase. International tuition for incoming students (that is, students who begin their studies starting in the Spring or Fall 2024, or Winter 2025 semesters) will see a modest increase to reflect actual cost increases and maintain financial stability. The International Student Tuition Guarantee ensures no change to tuition rates for international students throughout their degree program. To learn more about tuition and student fees, visit the Finance website.

Our downtown buildings play a key role in our academic mission, housing essential classrooms, programs, and services. They also generate steady alternative revenue through long-term commercial leases. While selling them might provide short-term financial relief, it would end a valuable revenue stream that supports the University's long-term financial stability more than any one-time gains from a sale. We continuously evaluate the usefulness of our physical assets and make decisions where appropriate.

The cost of servicing our debt accounts for only about 3% of the operating budget expenses. Paying off outstanding debt early or refinancing the existing debt would not generate significant base budget savings.

Yes, general carryover funds from the 2023/24 fiscal year are being frozen. This decision, endorsed by the Board of Governors' Audit Committee, is due to the current financial challenges and uncertainty. Freezing these funds is necessary to support the University’s cash flow and reserve planning. While there is a possibility that some funds may be returned in the future if circumstances improve, no specific timeline has been established.

Pensions are not affected when there is an operating budget deficit. The University’s pensions are financially sound.

We anticipate that the budget situation will impact all employee groups, potentially affecting certain services and programs within the Office of Research and Innovation Services. However, our research submissions and awards have experienced significant growth, resulting in a 25% increase in research funding  revenues—totaling $41 million. We expect this trend to continue into 2024/25. While these funds do not directly support central services, they do provide support for researchers' projects and programs.

The Service Level Agreements will remain in place, and commitments and services will continue, though adjustments in personnel and service delivery will reflect the operational changes anticipated from the budget planning.

The University values its generous donors and their important contributions. Donations are earmarked for specific initiatives, such as scholarships and bursaries, research chairs and centres, building projects and/or expansions. The operating budget is dependent on tuition revenue and government grants rather than donations.