Budget updates

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.