to open in 2024

Queen’s announced new risk mitigation measures to balance the University’s budget on July 6.

The Queen’s Board of Trustees projected the University will run a $62.8 million deficit for the upcoming year. Queen’s is drawing from its reserves to cover this year’s shortfall.

“Funds from these budget reduction may also be used to support initiatives to identify efficiencies, generate revenue, or support projects key to moving the University forward in achieving its strategic goals,” the University said in a statement to The Journal.

Queen’s is imposing a hiring freeze on full-time positions which are currently vacant, and a 1.5 per cent reduction in funding allocation for all University budgets for the following two academic years. All faculties must reduce their operating deficits to five per cent of their operating budget according to a press release.

Mitigation measures will ensure the academic and research mission is not jeopardized. The University expects to balance its books for the 2025-26 school year.

Queen’s annual evaluation by external crediting agencies, Morningstar DBRS, and Standard and Poor’s, determined Queen’s remains in strong credit standing. Morningstar DBRS issued an AA rating, and Standard and Poors issued an AA+ rating.

“The student demands, effective management practices, and strong academic profile are cited as strengths of a strong balance sheet,” the University said.

volunteers with local seniors in long-term care homes.

“Grandfriends works to level the field to make everyone feel there is someone there to support them in what they need support for. I think a lot of the things that we do would be applicable in [the hospice] setting as well,” Penry said in an interview with The Journal.

Providence Care is looking to expand their partnership with Queen’s students and the Faculty of Health Sciences to grow their number of volunteers.

“If we didn’t have our volunteers, we wouldn’t be providing community services because we’re not funded to. The funding doesn’t work from the province in such a way that we’d be able to pay staff to provide community-based services,” Wells Pearce said.

“We receive our funding solely for our staff and [right now] I’ve got a staff of 2.25 people,” Wells Pearce added. “The volunteers are the people who go and actually interact with the clients, they’re the ones providing the support.”

Once open, the residence will rely heavily on community fundraising and a limited envelope of provincial funding to grow their full-time staff. The provincial government is currently contributing $1.75 million to the new hospice.

The University accumulated more than $618 million surplus between 2013 and 2021, according to Queen’s University Faculty Association’s 2022 budget and financing review.

The longstanding tuition freeze, imposed by the provincial government in 2019, remains in effect. This costs the University $179.4 million in lost revenue. Inflationary costs and the decline in international student enrollment have further put a strain on the budget.

Queen’s attributed its confidence in restoring the budget to its strong academic profile. The University reported receiving over 55,000 applications for about 5,000 first-year positions.