Memorial University is staring down a nearly a $9-million deficit in their upcoming budget, according to an update recently posted to the MUN Gazette.
During a Board of Regents meeting held on March 6th, it was revealed that the budget forecast includes an $8.9-million shortfall against budgeted tuition and student-related fee revenue.
The update includes actual revenues and expenditures up to December 31st 2024, and forecasted revenues and expenditures up to March 31st of this year.
To address the shortfall, the University says they will be using a combination of one-time savings and carryover funds to achieve a balanced budget.
At the meeting, the board also reviewed a preliminary 2025-2026 operating budget. While there are still “many unknowns” – including the amount of funding from the province, it is expected that, without any change, the university “will spend more money than it will bring in.”
They say both a budget model working group and a student recruitment committee have been formed to bolster enrollment for the upcoming academic year.
At the meeting, the board also approved “refinements” to their limited hiring program, which will be reviewed in July.
