Year-end update on the budget and our campus community

Dear Concordians,

Before we head into a much-needed holiday break, I want to update you on our current budget situation, including our preliminary budget projections for Fiscal Year (FY) 2025-26 and an overview of what Concordians can expect in the months ahead. I will then conclude with some observations about our community.

Budget for FY2025-26

Concordia has always been remarkably lean as a large institution. Unfortunately, as you know, external factors beyond our control have seriously disrupted our efforts to maintain a balanced budget. These include changing demographics in Quebec, a difficult post-pandemic recovery and geopolitical volatility as well policy decisions in Quebec City and Ottawa.

The fundamental financial position of the university remains healthy in terms of our overall assets to expenses and as reflected in our credit rating. Nevertheless, the mix of factors we are now facing has put immense pressure on our operations, forcing us to adjust what we do and how we do it while limiting our ability to take on new initiatives.

The budget cuts we’ve had to make over the past two years have been hard on units across the university, affecting staff, faculty and students. We’re all rightly upset at the unfairness of the situation.

And yet, together we succeeded in meeting the deficit target for FY2023-24. Now we must stay resolute in carrying out the remainder of the five-year recovery plan (plan de redressement) as approved by our Board of Governors and the Ministère de l’Enseignement supérieur.

There is still an immense amount of demanding work ahead. But midway through this fiscal year — and thanks to the collective efforts of our community — we’re on target to meet the prescribed FY2024-25 deficit of $34.5 million. This will be another significant step on the road to restoring a balanced budget by FY2028-29.

Having heard your comments and suggestions in previous years, we also want to give a longer-range update on our budget forecast for the year ahead, FY2025-26. Obviously, there are many unknowns at this stage. However, Anne Whitelaw and Denis Cossette have issued a detailed message on our planning for FY2025-26, including current projections and guiding assumptions that will help us reach our goals. I encourage you to read the full message.

Our financial situation remains serious. Sadly, it is inevitable that more cuts and compressions lie ahead as we work to further reduce expenses. To mitigate this, we also need to pursue new sources of revenue. Furthermore, because student enrolment — the financial lifeblood of all Canadian universities — accounts for 85% of our total revenues, we need an all-out university effort to increase enrolment and generate sustained growth in student numbers.

More than budget matters

These are truly unprecedented times for Concordia, but also for higher education in Quebec and Canada more generally. While budget woes and government relations are consuming much of our energy and attention, let us also recognize that for far too many members of our community the most visceral challenge is coping with profound personal grief stemming from wars and violence in the world and its impact closer to home.

Pain and anger about what is happening in Israel, Gaza and elsewhere in the Middle East is inescapable and wrenching for many Concordians. We need to recognize the depth of these feelings and respond with empathy and compassion.

In addition, Jewish, Muslim and racialized members of our community are confronting acts of hate, intimidation and identity-based violence here in our society and on our campuses. This is unacceptable. We have a collective responsibility to stand together against such behaviour and do our utmost to maintain a climate of mutual respect.

Successes in spite of everything

I’m under no illusions about the challenges ahead. But, as we come to the end of 2024, I’m also reminded that great things happen on our campuses everyday, because of the accomplishments and efforts of our students and faculty as well as because of the actions and dedication of our staff. We should all take pride in the fact that Concordians have created a remarkable history of achievement and impact over our first 50 years.

I wish everyone a restful and rejuvenating holiday, because Montreal, Quebec and the world will only look for more from Concordia in the future. And, together, we will continue to be a role model and leader by addressing the challenges outlined in this message — and anything else that arises — in a civil, respectful and compassionate manner.

Graham Carr

President and Vice-Chancellor