Post-secondary institutions such as UNBC and the College of New Caledonia are being offered more financial flexibility due to impacts related to the pandemic.
“I would like to thank our post-secondary institutions for the hard work they have done during this unprecedented year to support their campus communities and keep people safe,” said Anne Kang, Minister of Advanced Education and Skills Training.
“We’re providing stability so PSIs that have seen extra costs and lower revenue can navigate the financial impacts of the COVID-19 pandemic while continuing to support students, staff and faculty, and deliver top-quality post-secondary education for people.”
These schools are now approved to run budget deficits for two fiscal years, using surpluses earned in previous years to maintain current operations in a manner that supports students and the labour force.
Under existing legislation, post-secondary institutions (PSI’s) cannot incur annual deficits from operations without prior approval from the government.
This multi-year approval by the province recognizes the need for an additional fiscal year for some schools to address the impact of COVID-19 has had on operations.
For 2020-21, 20 PSIs are approved for deficits up to $178.9 million including:
* College of New Caledonia
* University of Northern British Columbia
For 2021-22, UNBC is also one of 17 PSIs in BC approved for deficits up to $75.2 million.