Laurentian University Approves 2026-27 Budget with Investments in People, Programs, and Facilities

(April 24, 2026) — At its meeting today, Laurentian University's Board of Governors approved a balanced consolidated budget for the 2026-27 fiscal year that funds salary increases across all employee groups, strengthens academic quality assurance, and continues investment in facility renewal.

The budget includes salary increases across all employee groups (except for designated executives), commits $3.4 million over five years to strengthen the University's quality assurance program, and dedicates $8.4 million for capital projects including deferred maintenance and facility renewal. 

"This budget reflects important investments that build towards our future" said President & Vice-Chancellor, Dr. Lynn Wells. "We are making meaningful, recurring investments in our people, including faculty and staff, and in our academic programs and administrative departments."

Looking ahead, domestic undergraduate enrolment is projected to grow from 4,733 full-time equivalents in 2025-26 to 5,019 in 2026-27, continuing a trend of annual increases. International enrolment, however, is expected to decline due to federal study permit restrictions, reducing tuition income by approximately $4.6 million compared to the prior year. 

The budget also reflects the Government of Ontario's February funding announcement, which provides Laurentian with approximately $6.8 million in additional annual income under the Operating Grants and Contracts category, noting that these estimates are preliminary and may be subject to change. Laurentian especially recognizes the government’s specific investments in northern post-secondary institutions, such as those located in Sudbury, and in institutions that offer programming in French.

For 2026-27, Laurentian University expects to generate excess revenue over expenses of $1.4M, excluding the $1.2M accounting gain on sales of properties.

"Approving this budget is one of the most important responsibilities the Board holds, and we do not take it lightly," said Brian Ramakko, Chair of the Finance and Property Committee, Board of Governors. "Laurentian operates under conditions no other Ontario university faces. The exit loan covenants require discipline, and the Board's job is to ensure the University meets them while continuing to invest in its people and programs. This budget funds the commitments made in the new LUFA collective agreement, and it positions Laurentian to continue its rebuilding into the future."

Laurentian remains unique among Ontario universities in operating under the terms of a provincial exit loan agreement, which among other stipulations includes financial covenants the University must meet annually. 

The development of the 2026-27 budget also provides a closer look at year-end results for the 2025-26 fiscal year, which forecast an operating surplus of $4.6 million, excluding the one-time gain of $17.3 million from the sale of real estate assets. These results are then audited by our external auditors and presented to the Board in October each year. 

This excess of $4.6M represents roughly 2% of the total University operating revenue, which is a reasonable amount given the complexity of the assumptions that go into the budget development process and the uncertainty in the current environment, and demonstrates the achievement of a new ‘steady state’ for operations and a normalization following insolvency. 

Laurentian University 2026-27 Budget Projections at a Glance

• Total consolidated revenue: $217.8 million

• Total consolidated expenses: $215.1 million

• Projected operational revenue over expenses: $1.4 million

Revenue:

• Provincial and federal operating grants: $93.7 million

• Tuition fees: $65.2 million

• Research grants and contracts: $17.4 million

Expenses:

• Salaries and benefits: $123.9 million. Actual salary investment across all employee groups (except designated executives) is $4 million to $6 million, partially offset by vacancy assumptions

• Operating and research expenses: $37.5 million

• Occupancy costs: $16.8 million

• Scholarships and bursaries: $14.6 million

• Transformation Program: $7.2 million in operating expenses

Key investments in 2026-27:

• $3.4 million over five years for quality assurance program enhancement

• $8.4 million in capital projects including deferred maintenance and facility renewal

• $7.2 million continued funding for the Transformation program