The UBC Budget represents the financial plan for the university — it serves as a roadmap to allocate the university’s revenues against anticipated expenses.
UBC’s Budget Process
The budget process is a collaboration between the university’s Provosts’ teams, who lead the alignment of the budget to UBC’s academic strategy, with central finance and the distributed faculty and administrative unit finance teams.
During the fiscal year, UBC faculties and administrative units are responsible for managing their finances within the budget for their respective areas. Each year in September these units complete their budget review and, through that process, submit their priorities and their associated budget requests for the year ahead.
In October UBC’s finance and Provosts’ teams start meeting with various groups, to assess budget requests against UBC’s Strategic Plan. Those groups include:
- Elected student leadership
- Indigenous leadership
- University Executive
- Associate deans
- Academic heads/directors of units/AVPs
- Senior staff
- Both senates
This work leads to the production of a draft budget covering the period from April 1 to March 31 (the fiscal year). The draft budget reflects the strongest areas of alignment with UBC’s strategic priorities.
While budgets for the Vancouver and Okanagan campuses are determined separately, they are combined in the annual Budget Report, which is typically presented to the Board of Governors in April. The standard timeline for the development of UBC’s budget is as follows:
The Impact of COVID-19 on the Budget Process
In April, 2020, while UBC’s proposed budget was nearing completion, it became clear that the global outbreak of COVID-19 would have a significant financial impact on the university.
That budget work was set aside while UBC’s central and distributed finance teams, along with the Provosts’ teams, undertook an in-depth process to evaluate the potential impact of COVID-19 on university operations. A new budget was submitted to the Board of Governors in July 2020 and approved.
The Budget Report is now publicly available for the 2020/21 financial year.