Provost and V-P (Academic) Bob Silverman and V-P (Finance and Administration) Caroline Davis have posted an update on Queen's financial situation.

The V-Ps outline the progress made, as well as ongoing financial challenges, reflected in the audited consolidated financial statements for 2009-2010 that were recently approved by the Board of Trustees.

"With improved investment performance, the University completed the fiscal year with a smaller deficiency of revenue over expenses from the prior year," the V-Ps say, however, "compensation and benefit increases outpace the increase in grant, fee and ancillary income."

The V-Ps say the university must continue to focus on addressing the unfunded liability in Queen's pension plan, as well as being prudent about the allocation and spending of the University's operating dollars. "Maintaining discipline in our spending will ensure that we don't create new problems while we work to solve the existing ones."

Read the complete update