Concordia to cut 2.5% in costs in academic units, 6.63% in other areas

April 25, 2013

During the most recent regular meeting of Concordia University's senate, the university's CFO presented an overview of the institution's current budget situation. Concordia is facing some difficult financial decisions following $26.4 million in government funding cuts spread out over the current and upcoming fiscal years. As a result of the government's pension relief measures coming to an end this year, Concordia will have to absorb an increase of about $14 million in annual pension costs starting next spring. To deal with the deficit resulting from the cuts and increased expenses, Concordia must start generating cost reductions of 2.5% in the academic sector, and 6.63% in all other areas, the CFO said. Quebec has agreed to compensate universities for the cancellation of planned tuition fee increases, and an agreement has been reached on the accounting treatment of the cuts. These 2 factors, along with the planned expense reductions, should allow Concordia to balance its budget for next year, the CFO said. Beyond that, the situation is uncertain. Concordia News