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Queen’s projects almost $30-million deficit due to COVID-19 challenges

Matt Head / Global Kingston

Queen’s University says the impacts of the COVID-19 pandemic continue to make it a financially challenging year. The post-secondary institution is currently projecting a $29.6-million operating budget deficit for the 2020-21 academic year.

Read more: Canada’s post-secondary students feeling financial pinch as fall semester ends

While enrolment remains strong, most students are attending classes remotely.

“This has led to significant revenue shortfalls in areas such as our residences and hospitality services, which are operating at significantly reduced capacity for health reasons, lower revenues from Athletics and Recreation activities,” says Donna Janiec, vice-principal, finance and administration, in a statement.

Janiec says the school’s financial situation has also been impacted by significantly reduced investment income “as markets saw a downturn this year.”

Read more: Coronavirus: Kingston post-secondary students, public health prepare for holiday travel

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Along with the losses in revenue and income, the university has also faced added expenses in order to operate during a pandemic. Investments have had to be made in remote learning technologies and increased safety measures for those on campus.

According to Janiec, the university has been able to offset some losses through temporary savings and cost containment.