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For the 2023-2024 academic year session at The University of Toronto’s, their budget for the features infrastructure, student experience, investments in research, and initiatives promoting equity, diversity and admittance.
The Governing Council has recently approved the mammoth balanced budget, which is $3.36 billion. The recently approved budget shows a 3.9 percent increase over last year. It also includes $19.3 million in priority investments on initiatives that are listed below:
- To increase the Diversity in Academic Hiring Fund to hire 30 more Black and local faculty. The total number of positions is 190.
- To implement the guidance of the student mental health and campus safety reviews.
- To invest in classroom renewal and staffing a new student advising initiative.
- To support the interdisciplinary research projects carried out through Institutional Strategic Initiatives.
- To also support the divisions facing budgetary challenges and cushioning the impacts of the province’s continued freeze on domestic tuition.
Demand at UofT programs remains massive as more than 90,000 students returned in-person to the three campuses in September 2022. There are many students who will be visiting this university for the first time.
Cheryl Regehr, UofT VP and provost said It brings me great joy to see U of T’s vibrant community reunited after showing such resilience through the challenges of the COVID-19 pandemic – and we are committed to expanding access to this world-class academic experience”
Beside the main points there are some other priorities in this year’s budget that also include a real increase in funding for information security and support for UofT’s Defy Gravity fundraising campaign.
Jeff Lennon, UofT assistant VP, planning and budget said “The University of Toronto is a leading hub of innovation, sustainable growth and inclusive community-building in Ontario and beyond,”
UofT is also keen in scaling up its investment in merit-based scholarships for international students by this year. The International Scholars program will reach full implementation in 2023-2024 at $75 million, with plans to boost the budget to $89 million in 2027-2028.
Total spending on student aid is projected to be $365 million in 2023-2024, excluding external funding and internal employment income for doctoral stream graduate students.
This massive budget also shows a total of 28 capital projects taking place across the three campuses worth $5.2 billion.
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