Like other Ontario universities, Queen's is experiencing growing financial pressure due to several factors:
- A 2019 provincial tuition cut and ongoing freeze for Ontario students has cost the university an estimated $180 million as of Spring 2024.
- Queen’s has also experienced a decline in international student enrolment, which has further contributed to the budgetary strain.
- Additionally, the university is facing increasing costs due to inflation.
The numbers
Queen’s projects an operating deficit of $26.4 million. This figure marks a substantial reduction from the original deficit of $62.8 million announced two years ago, thanks to the collective efforts of our university community.
For the 2024-25 fiscal year, the university reported a projected operating budget deficit of $34.3 million, down from the initial projection of $35.7 million announced last May. The year’s finalized results will be published as part of the university’s audited consolidated financial statement in the fall 2025
Visit Queen’s Financial Services publications page for more information, including annual financial statements, annual budget reports, financial projects, and more.