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A new website outlines initiatives and opportunities for the community to create a path to a financially sustainable university of the future.
At the April 10 town hall, York University President and Vice-Chancellor Rhonda Lenton provided an overview of the initiatives the University is undertaking in order to address current financial pressures while ensuring York U continues to grow as a top-ranked international teaching and research university committed to enhancing the well-being of the communities it serves.
The York U Forward Action Plan is a multi-year strategy consisting of 17 projects divided into three important streams: Program Enhancement and Sustainability; Enrolment Recovery; and Administrative Projects. York U, like many institutions, has been managing financial challenges due to a number of external factors that have led to lower enrolment and lower revenues. The action plan will find new and creative ways to boost revenue and reduce costs.
“Recent unexpected policy decisions at both the provincial and federal levels have heightened the urgency in working together in a transparent and collegial way to ensure that we transform these challenges into new opportunities to accelerate the momentum that York has created over the last number of years towards realizing our vision and priorities,” emphasizes Lenton. “The needs, interests, and expectations of students and of society are changing. The York U Forward Action Plan, while essential for the financial sustainability of the institution, also creates the potential for us to align our efforts with those changes to better serve society and enhance our impact.”
As the University seeks to align its administrative and academic expenditures with enrolment and enrolment revenue, it has already introduced a number of cost-containment initiatives that will contribute directly to the deficit reduction targets, as outlined in the three-year budget plan approved on April 30 by the Board of Governors.
Steps already taken include reduced spending on travel, hospitality, and professional development, along with postponed and essential hiring only. Earlier this month, the University took steps to reduce the total compensation packages for management (i.e. CPM) and senior executives (i.e. president and vice-presidents) over the next year by 3.6 per cent, with projected savings of approximately $5 million. The University is prepared to take similar steps in subsequent years if needed to support the institution’s financial sustainability.
The action plan is moving forward with initiatives such as a new pathway program for students building their English language proficiency, a collegial Forum on Student Retention and promotion of accelerated degree formats for international students, all of which exemplify York’s proactive approach to enhancing program offerings and student support.
The action plan also includes a variety of collaborative efforts to enhance student housing options, increase our attraction to out-of-province domestic students, and identify software licences that are duplicative or redundant.
Work is just beginning to mobilize the community behind the action plan. Looking ahead, York University is gearing up to launch several key initiatives, with ongoing community engagement and updates planned to keep faculty and staff informed and involved. Discussions on campus optimization and potential new programs underscore the University’s commitment to strategic growth and innovation.
“This is a pivotal moment for the entire York University community,” stresses Provost and Vice-President Academic Lisa Philipps. “It demands our full engagement to envision the future of York. Together, we will overcome the current challenges and build an even more impactful University for the generations of students to come.”
As the York U Forward Action Plan unfolds, the University community is encouraged to actively participate in this transformative journey. Through collaboration and adaptability, York University aims to realize its vision and maintain its position as a leader in higher education.