The UBC Budget represents the financial plan for the university — it serves as a roadmap for allocating the university’s revenues against anticipated expenses.
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 for the year ahead.
Creating the 2022/23 Budget
In October 2021 UBC’s finance and Provosts’ teams began meeting with faculty and administrative unit leadership across the university, to assess planning in each area against UBC’s Strategic Plan. This process not only helps to ensure that financial planning across the university is aligned with UBC’s strategic priorities, but also encourages collaboration and knowledge-sharing across all academic and administrative groups. Early in 2022 key groups across the university were also updated through engagement sessions aimed at sharing information on the budget process and developments for the upcoming fiscal year. This year those groups included:
- Faculty and administrative unit leadership, through individual strategic budget meetings as well as financial forecast/outlook sessions
- Academic heads/directors of units
- Associate vice-presidents and senior staff
- Indigenous Strategic Plan (ISP) Guiding Network and President’s Advisory Committee on Indigenous Affairs
- Equity-deserving groups
- Elected student leadership
- Senate Budget Sub-Committees of the Budget Committee of the Council of Senates (Vancouver and Okanagan) Executive
This work led to the production of a draft budget covering the period from April 1, 2022, to March 31, 2023 (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 before being presented to the Board of Governors for consideration. The standard timeline for the development of UBC’s budget is as follows:
UBC’s budget for 2022/23 was formally presented to the Board of Governors on March 31, 2022 and approved.