A Look at VIU’s Financial Records

The 2023-2024 academic year saw VIU’s debt increase an additional $3.4M, accumulating to a total of $20.2M dollars. Since the 2019-2020 academic year, debt has been a constant trend for the university which now has an accumulated operating deficit of $46.9M since 2019. 

According to university statements, this gigantic deficit is—at least in part—due to the COVID-19 pandemic. Enrollment rates have dropped significantly. In this year alone, student numbers have decreased by about 12 percent. Droppage rates amounted to 6 percent of domestic and Indigenous students, along with a 14 percent reduction in international students. And with this reduction in population alone, it seems to have cost the university $3.1M. 

While the realities of the pandemic did result in many students having to return to their home countries or simply drop out of school, the university had already begun to fall into a $3M deficit prior to the pandemic. 

Where do students go from here? The realities of VIU’s debt can be troublesome as students have spent years of their lives and thousands of dollars out of their pocket to obtain a degree. As a student here, I worry what the university’s future will hold and what it will look like for students involved. Fortunately, students need not worry about bankruptcy. If VIU actually runs out of money, the provincial government would have to step in to pay the bills, according to a VIU statement. 

VIU recently sent out a survey for the 2024-2025 budget, seeking student and employee input regarding what budgetary items should be prioritized over others and inquiring about how often we as students would like updates regarding the budget.

The released budget shows that in the 2024-25 and 2025-26 academic years, academic programs will see a 10 percent cut in two years, and non-academic programs will see a 5 percent drop in one year and another in two. During this time, it seems as though trades will be hit the hardest. However, VIU suggests that by the 2026-27 academic year, the budget will be back on track. 

Until then, though, expect to see changes. There are talks of student housing and on campus food prices rising alongside aforementioned budget cuts. In addition, there have already been entire program cuts. 

On December 31, 2023, the ElderCollege was discontinued after 30 years of education. The ElderCollege had over three thousand students enrolled. Interestingly, the teachers for ElderCollege were all volunteers, and VIU provided minimal classroom space, bringing up the question, how much is VIU actually saving? 

The ElderCollege is not the only program cut. In early December, VIU announced it would also cut the High School. By the end of the 2024 high school academic year, the program will close permanently. The Nav reached out to the High School, but they declined to be interviewed for this story. 

These cuts will have long standing effects on the institution and the affected students. Cutting such programs warrants consideration: will this program downsizing actually make a difference?