Queen’s staff, faculty, and student leaders received an update on the University’s financial status on Oct. 15.
From 10-11 a.m., Principal Patrick Deane, Vice-Principal (Finance and Administration) Donna Janiec, and Provost and Vice-Principal (Academic) Matthew Evans led a financial information forum. Hosted over Microsoft Teams, approximately 450 of Queen’s registrants attended the forum to receive an update on the University’s finances outlined in its 2025-26 audited financial statements.
According to the Queen’s Gazette, the forum was the second session of a new twice-yearly finance update, with the first session having been held in June 2026.
Deane opened the forum by acknowledging that the University has endured a financially challenging time but argued that Queen’s was among the first to deal with the sector’s current challenges, such as enrolment limitations.
Janiec presented the University’s audited financial statements.
She noted that Queen’s expenses totalled $1.184 billion in 2025-26, representing a 1.7 per cent increase from the previous year. Salaries and benefits accounted for $647.8 million of total expenses.
“It’s the first time […] that I’ve seen the salary and benefits line, which is the majority of expenses, actually stabilize,” Janiec said.
Janiec attributed the stabilization in salary and benefits to the “hard work that everyone has been doing.” She noted that over the past two years, faculty retirement programs have contributed to the stabilization.
In March 2024, Queen’s announced its Voluntary Retirement Plan to allow eligible faculty members to retire earlier due to operating budget deficits. In a March 2024 Queen’s Gazette article, the University also announced its Voluntary Exit Incentive for staff in the Faculty of Arts and Science (FAS) where eligible FAS faculty members could choose to exit their role in exchange for payment. The incentive was driven by the need to reach a balanced budget.
Queen’s total consolidated surplus of $160.4 million was also discussed. Janiec explained $16 million of the surplus came from year-end operating results, excluding investment income not allocated to operations. The remaining $144.4 million came from that investment income.
READ MORE: University reports $160.4 million surplus amid criticism over spending priorities
A $1.8 million deficit was attributed to Queen’s consolidated entities, including organizations, businesses, or other entities whose finances are included in the University’s financial statements. Janiec explained the $1.8 million deficit primarily stemmed from Bader College; however, she also mentioned other contributing entities including the University’s underground parking garage at Stuart Street and the central heating plant.
According to a report presented to the Board of Trustees (BOT) in May 2025, the University provided $8.3 million to Bader College for financial support. Roughly $5.5 million was approved by the Board for the Herstmonceux Castle capital repair project.
Evans continued the forum with remarks about recent provincial funding. In a May 2026 Ontario government announcement, the province committed $1.7 billion to fund 70,000 additional enrolment spaces at post-secondary institutions for students studying in high-demand sectors such as healthcare, STEM, education, and skilled trades.
Queen’s will receive $104 million in funding will to support 3,604 seats at Queen’s, including 2,116 seats that are currently unfunded by the government. Queen’s was also allocated 1,488 new seats through the Priority Growth Competition. Queen’s applied and in June and received just 1,488 additional spaces.
READ MORE: $104 Million story
According to Evans, the additional spaces include 377 in Smith Engineering, 195 in health-related programs, 542 for the Bachelor of Science program in the Faculty of Arts and Science, and 374 in the Faculty of Education.
While Evans acknowledged these spaces would positively affect the budget, he said, “the additional fees and enrolment seats will only take us so far.”
While Ontario’s domestic tuition freeze has been lifted, allowing annual increases of up to two per cent for Ontario students, Evans highlighted how inflation is expected to average four per cent annually.
READ MORE: Tuition increases up to 7.5 per cent after province lifts freeze
“The costs of the institution will overtake the increase in revenues within a year or two,” Evans said.
Evans also mentioned how the University’s budget model is under review, with the goal of creating a model better aligned with Queen’s strategic priorities.
READ MORE: Queen’s announces a review of the budget model
Further information will be shared as the review progresses, and the model’s detail design and implementation plan are expected before the end of the year.
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Bicentennial Vision, financial statement, Matthew Evans
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