Nova Scotia’s higher education institutions are strategizing to address financial challenges by considering budget cuts, program evaluations, and tuition adjustments in the upcoming year. All major universities in the province are projected to operate at a deficit in the fiscal year 2025-26.
The financial strain is exacerbated by a decline in international student enrollment, a freeze on tuition fees for certain students mandated by the government, and stagnant provincial funding. Here is an overview of the financial forecasts for each university in the upcoming year:
– Acadia University: Anticipated $2.8 million deficit
– Atlantic School of Theology: Forecasted $7,551 surplus
– Cape Breton University: Expected $6.8 million deficit
– Dalhousie University: Projected $20.6 million deficit
– University of King’s College: Estimated $750,000 deficit
– Mount Saint Vincent University: Anticipated $1.59 million deficit
– NSCAD University: Predicted $1.245 million deficit
– Saint Mary’s University: Estimated $2.8 million deficit
– St. Francis Xavier University: Expected $1.966 million deficit
– Université Sainte-Anne: Data not disclosed
This financial scenario marks a departure from the norm for most universities, which typically operate with surpluses. Notably, Dalhousie University, Cape Breton University, and Mount Saint Vincent University, which have consistently reported surpluses in the past five years up to 2023-24, are now facing deficits.
The reliance on international student revenue, which has been a key financial strategy for universities, has been disrupted. Recent government regulations, including a cap on international student permits and reductions in international student intakes, have led to a significant decline in international student numbers across universities. This shift has prompted universities to consider cost-cutting measures, program adjustments, and potential tuition increases for out-of-province and international students to address the financial shortfall.
Despite these challenges, experts emphasize the importance of sustaining investments in universities, highlighting their pivotal role in driving economic growth, attracting talent, and advancing research agendas within Nova Scotia. The evolving financial landscape calls for universities to adapt, make strategic decisions, and operate within sustainable financial frameworks to ensure long-term viability.
