Vancouver Island University’s Board of Governors approved a balanced consolidated budget of $136.7 million for the 2015/16 fiscal year, on Thursday, March 26, 2015. The full budget is available on the University’s website at https://www2.viu.ca/budget/BudgetPlan2015-2016.asp.
The largest investment in VIU’s budget continues to be people – dedicated faculty and staff – who are critical to achieving the objectives of the University’s Integrated Plans with the Academic Plan at the core. These include promoting student learning, engagement and success; supporting excellence within VIU’s academic community; maintaining the high-quality of VIU’s programs; sustaining positive and collaborative relationships within our communities and ensuring institutional effectiveness.
The budget also reflects VIU’s core values to support and foster a dynamic and creative community of faculty, staff, students and educational partners.
“Vancouver Island University continues to have a positive and significant impact in the regions it serves,” says Allan Wiekenkamp, Chair of VIU’s Board of Governors. “In a time of fiscal restraint, the new budget will allow VIU to remain focused on supporting our exceptional faculty and staff and providing our students with innovative, relevant programming. It will also allow us to move forward on a number of our key priorities including building a new Health and Science education facility.”
VIU’s Budget Plan includes investing in a number of key areas such as:
· supporting enrolment management for both domestic and international students
· developing new off-grant (those not funded by government operational grants) and cost recovery programming
· ensuring VIU continues to align with the BC Skills for Jobs Blueprint
· supporting student success with a new student Health and Wellness Centre staffed by a nurse practitioner
· advancing the initiative to replace dated information systems and infrastructure
· building international education opportunities and fostering the diplomacy of knowledge
· strengthening First Nations education with relevant and responsive programming through a variety of different initiatives and partnerships
· working with School Districts to improve the high school student transition rates and promoting dual-credit programming and access to post-secondary education
· creating more pathways to education through innovative programs such as the Tuition Waiver for former Youth in Care; promoting the Canada Learning Bond program; and increasing engagement in VIU’s scholarships, awards and bursary program, including the President’s Entrance Scholarships.
The University has identified a number of ways to support these investments including: retaining more second, third and fourth year students; increasing domestic and international student enrolment; growing revenue generation programs; introducing minimal fee changes for specific programs consistent with the provincial government’s tuition fee policy; fostering industry and community partnerships; supporting community engagement; and reallocating existing resources.
“Vancouver Island University is a values-based institution and this is reflected in the investment priorities that have been identified in this year’s budget,” says Dr. Ralph Nilson, VIU’s President & Vice-Chancellor. “A good example of this is the leadership role we have taken in reducing barriers to education. We also continue to ensure VIU is meeting the needs of our regions by working closely with our partners in School Districts, business, government, industry, First Nations and in our communities.”
VIU continues to work towards the priorities established in its Five Year Capital Plan, including seeking funding for its top priority project: a new Health and Science education facility. The University also remains focused on upgrading information systems and infrastructure as well as replacing aging buildings and facilities. VIU is working towards securing further funding for these projects through government as well as community partners, and by attracting resources through grants, fundraising and philanthropy.
For more information, please see the attached Budget at a Glance.
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