REPORT NUMBER 289 OF THE BUSINESS BOARD
Wednesday, March 4, 2026
To the Governing Council,
University of Toronto,
Your Board reports that it held a meeting in the Council Chamber, Simcoe Hall on March 4, 2026, at 5:00 p.m. with the following members present:
PRESENT: Rajiv Mathur (Chair), Indi Gopinathan (Vice-Chair), Melanie Woodin (President), Scott Mabury (Vice-President, Operations & Real Estate Partnerships), Kelly Hannah-Moffat (Vice-President, People Strategic, Equity & Culture), Jeff Lennon (Interim Chief Financial Officer), Janet Cloud, Samantha Figenshaw, Maureen Harquail*, Thomas Hofmann, Paul Huyer, David Jacobs*, Sarosh Jamal, Samantha Kappagoda, Audrey Karlinsky, Scott MacKendrick, Adel Melek, Debbie Oakley, Nicole Martin, Rima Ramchandani, David Regan, Paul Tenenbein, Geeta Yadav*
REGRETS: Amanda Bartley, Samuel Elfassy, Kevin Li, Rishi Shah, Danielle Skipp
NON-VOTING ASSESSORS: Trevor Young (Vice-President and Provost), Ron Saporta (Chief Operating Officer, Property Services & Sustainability), Susan McCahan (Associate Vice-President and Vice-Provost, Digital Strategies and Vice-Provost, Innovations in Undergraduate Education), Mike Snowdon (Acting Assistant Vice-President, Planning and Budget), Nicholas Rule (Vice-Provost, Academic Programs)
SECRETARIAT: Timothy Harlick (Secretary), Amanda Grant
IN ATTENDANCE: Leah Cowen (Vice-President, Research and Innovation, and Strategic Initiatives), Meg Connell (Assistant Provost), Alex Matos (Executive Director, Internal Audit), Sanish Samuel (Controller and Executive Director, Financial Services), Anthony Tia (Executive Director, Treasury & Investment Services), Miranda Edwards (Assistant Secretary of the Governing Council), Brian Tysoe (Director, Sustainability & Energy Management), Donna Wall (Director of Financial Aid and Awards)
*attended remotely
Pursuant to section 38 of By-Law Number 2,
consideration of items 13 to 15 took place in camera.
OPEN SESSION
- Chair’s Remarks
The Chair welcomed members and guests to the meeting. He also welcomed President Melanie Woodin to the meeting. - Reports of the Administrative Assessors
There were no reports from the administrative assessors. - Tuition Fees
The Board received for consideration the proposed Tuition Fee Schedule for Publicly-Funded Programs for 2026-27 and the Tuition Fee Schedule for Self-Funded Programs for 2026-27.
Presentation and discussion of this item was consolidated into the presentation and discussion on both the tuition fees and the Institutional Operating Budget Report 2026-27 and Long-Range Budget Guidelines 2026-27 to 2030-31.- Tuition Fee Schedule for Publicly-Funded Programs, 2026-27
On motion duly moved, seconded, and carried
YOUR BOARD RECOMMENDED
THAT
(a) the 2026-27 tuition fees as described in Schedule 1 of the Tuition Fee Schedule for Publicly-Funded Programs 2026-27, be approved;
(b) the 2026-27 tuition fees as described in Schedule 2 of the Tuition Fee Schedule for Publicly-Funded Programs 2026-27, be approved;
AND
(c) subject to the final provisions in the Provincial Government's Tuition Fee Framework, Schedule 1 fees will be implemented for fees in the Spring/Summer term and Schedule 2 for fees will be implemented starting in the Fall term.
- Tuition Fee Schedule for Self-Funded Programs, 2026-27
On motion duly moved, seconded, and carried
YOUR BOARD RECOMMENDED
THAT the Tuition Fee Schedule for Self-Funded Programs for 2026-27, be approved.
- Annual Report on Student Financial Support 2024-25
The Chair noted that the Annual Report on Student Financial Support, 2024-25, was intended as background to the tuition fee schedule.
- Enrolment Report, 2025-26
The Chair noted that the Enrolment Report, 2025-26, was intended as background to the Budget Report and Long-Range Budget Guidelines.
- Tuition Fee Schedule for Publicly-Funded Programs, 2026-27
-
Institutional Operating Budget Report 2026-27 and Long-Range Budget Guidelines 2026-27 to 2030-31
The Chair reminded members that, as the source of advice about financial matters and public accountability, the Business Board was being asked to concur with the recommendation of the Academic Board that the Budget be approved. It was the Board's duty to satisfy itself that the proposal was financially responsible, that the budget assumptions were realistic, and that the level of risk in the budget was acceptable.
Professor Trevor Young, Vice-President and Provost, Professor Scott Mabury, Vice-President, Operations and Real Estate Partnerships, and Mr. Mike Snowdon, Acting Assistant Vice-President, Planning and Budget, presented the 2026-27 Budget Report and the Long-Range Budget Guidelines 2026-27 to 2030-31, together with the proposed tuition fee schedules for publicly-funded and self-funded programs.
Professor Young presented a total operating budget for 2026-27 of $3.66B, which represented a 1.1% increase over the previous year. The budget remained balanced, with sufficient operating reserves and a very strong credit rating.Total revenues were approximately $100M below the prior year's long-range projection, with the shortfall driven primarily by a recalibration of international enrolment targets in response to shifting federal policy on student visas and international student intake. Domestic undergraduate demand remained strong, with intake exceeding plan by approximately 900 students.
Mr. Snowdon reported that tuition for Ontario residents remained frozen for 2026-27, with a 2% increase authorized by the Province taking effect in Fall 2026 and reflected in the tuition fee schedules presented for approval. Out-of-province domestic tuition was proposed to increase by 5%. Proposed international tuition increases averaged 4.1% for undergraduates and 3.6% for graduate students, excluding international PhD students paying domestic rates. Self-funded program tuition was set to recover full program costs.
Professor Mabury presented that compensation totalled approximately $2.43B, or approximately two-thirds of total expenditures. Net compensation growth was approximately 2%, partially offset by complement reductions, a reduced pension risk provision, and a faculty hiring target of nine net new positions across the tri-campus university. Shared service divisions absorbed a 5% cut totalling $23.5M, and university-wide costs were held flat. The pension risk contingency was budgeted at $50M annually across the plan period.
The University was also in the early stages of Project Catalyst, a cross-institutional initiative focused on improving administrative functions, streamlining processes, and equipping staff with better tools to serve students, faculty, and librarians.
Total budgeted student financial support for 2026-27 was reported as $408M and it was noted that the University spends 73% more per student on financial aid than the Ontario university average. The February 2026 provincial announcement included changes to OSAP that would cap non-repayable grants at 25% of total awards, down from approximately 85%. The University indicated it intended to reinvest a portion of unplanned operating revenues into its own aid programs to offset the impact on students. The provincial announcement also included changes to corridor midpoints, program funding weights, and weighted grant unit rates expected to be materially net positive for the University, though given the recency of the provincial announcement none were incorporated into the current budget.
Discussion
In response to a member’s question seeking clarification on the 2% domestic tuition increase, Professor Young confirmed it was reflected in the fee schedules presented for approval, with an estimated revenue impact of approximately $10M in 2026-27 not yet incorporated into the operating budget.
A member also asked whether the OSAP changes were expected to affect enrolment, particularly in programs with less direct labour market alignment. The President acknowledged the concern, noting the University's financial access guarantee and its intention to reinvest unplanned revenues into student aid and added that provincial program funding weights had in fact increased for arts and creative disciplines in the recent announcement, which she noted was somewhat at odds with the government's public emphasis on STEM prioritization.
A member noted that staff across the University were anxious about complement reductions and asked the presenters to comment on the risk of reducing capacity while maintaining ambitious institutional goals. The Provost acknowledged the concern, emphasizing that the decisions had been taken carefully and on a principled, data-driven basis across all divisions, and that additional unplanned funding now available provided some flexibility to respond if adjustments were needed. Professor Mabury added that vacancy management through attrition was contributing meaningfully to the savings achieved, and that a significant focus of Project Catalyst was improving the quality and meaningfulness of staff roles through process streamlining and the removal of administrative burden.
On motion duly moved, seconded, and carried
YOUR BOARD RECOMMENDED
THAT the Business Board concur with the recommendation of the Academic Board,
THAT the Budget Report 2026-27 be approved; and
THAT the Long-Range Budget Guidelines 2026-27 to 2030-31, be approved in principle.
- Academic Incidental Fees
The Board received for consideration proposed amendments to Category 5 (Cost-Recovery Ancillary Fees) and Category 6 (Administrative User Fees and Fines) for 2025-26.
Professor Mabury presented the proposed changes, noting that there were approximately 1,500 such fees in total. Category 5 fees recovered the direct costs of goods and services provided to students, including lab materials, case studies, and field trips. Category 6 fees covered administrative and user services such as placement coordination and external examination fees.
He noted that 13% of fees would remain unchanged in 2026-27, which he described as unsatisfactory given universal inflationary pressures, and indicated that the University would address this going forward by applying a CPI-level increase automatically each year unless a division indicated otherwise in advance.
He also noted that two-thirds of fees were proposed to increase by less than 5%. Eleven percent were proposed to increase by more than 5%, largely reflecting deferred adjustments in underlying costs. Twenty-one new Category 6 fees were proposed for approval, including placement fees for new co-op and internship programs at UTM and the Dalla Lana School of Public Health. Eight existing fees were also proposed for removal.
Professor Mabury concluded his remarks with an update to the Board on the University's response to the August 2024 MCU directive requiring course-level disclosure of educational material costs to students, noting that 72% of surveyed courses reported no mandatory material costs and that information had been made accessible to students through the Quercus learning management system.
There were no questions from members.- New Administrative User Fees and Fines (Category 6 Ancillary Fees), 2026-2027
On motion duly moved, seconded, and carried
- New Administrative User Fees and Fines (Category 6 Ancillary Fees), 2026-2027
YOUR BOARD APPROVED
THAT the fees listed in Table 1 of the Report entitled Schedule of Ancillary Fees (Categories 5 and 6) 2026-27 be added to the Administrative User Fees and Fines Schedule for 2026-27; and
THAT the fees listed in Table 2 of the Report entitled Schedule of Ancillary Fees (Categories 5 and 6) 2026-27 be removed from the Administrative User Fees and Fines Schedule for 2026-27.
- Category 5 Cost-Recovery Ancillary Fees, 2026-27 and Category 6, Administrative User Fees and Fines 2026-2027
The information for Category 5 Cost-Recovery Ancillary Fees, 2026-27 and Category 6, Administrative User Fees and Fines 2026-2027 was received by the Board for information.
CONSENT AGENDA
On motion duly moved, seconded, and carried
YOUR BOARD APPROVED
THAT the consent agenda be adopted and that Item 8, the Report of the Previous Meeting, be approved.
- Status Report on Debt to February 28, 2026
Members received the Status Report on Debt to February 28, 2026, for information. - Service Ancillaries Operating Plans, 2026-2027
Members received the Service Ancillaries Operating Plans, 2026-2027, for information. -
Report of the Previous Meeting: Report Number 288, January 28, 2026
Report Number 288, from the meeting of January 28, 2026, was approved. - Business Arising from the Report of the Previous Meeting
There was no business arising from the report of the previous meeting. - Report Number 167 of the Audit Committee, February 25, 2026
Report number 167 of the Audit Committee, February 25, 2026, was received for information. -
Date of Next Meeting – April 22, 2026, at 5:00 p.m.
The Board was informed that the next meeting was scheduled for April 22, 2026, at 5:00 p.m.
- Other Business
There was no other business.
The Board moved in Camera.
IN CAMERA SESSION
- In Camera Reports of the Administrative Assessors
There were no in camera reports made by the Administrative Assessors. -
Confidential Financial Matter
Mr. Jeff Lennon, Interim Chief Financial Officer, and Professor Leah Cowen, Vice-President, Research and Innovation, and Strategic Initiatives, presented a confidential financial matter.
The Board approved a motion that the recommendation of the Interim Chief Financial Officer, as outlined in the memorandum dated February 25, 2026, be approved. -
Capital Projects
-
Capital Project: Report of the Project Planning Committee for the Temerty Building Execution of the Project
Professor Mabury presented on the Report of the Project Planning Committee for the Temerty Building.
The Board approved a motion that the recommendation of the Vice-President, Operations and Real Estate Partnerships, as outlined in the memorandum dated February 25, 2026, be approved.
-
University of Toronto Facilities & Services Project Concept Report for the Climate Positive Campus – Project LEAP 2.0 - Execution of the Project
Professor Mabury and Mr. Ron Saporta, Chief Operating Officer, Property Services & Sustainability, presented on the Project Concept Report for the Climate Positive Campus – Project LEAP 2.0.
The Board approved a motion that the recommendation of the Vice-President, Operations and Real Estate Partnerships, as outlined in the memorandum dated February 25, 2026, be approved.
-
The Board returned to Open Session.
The meeting adjourned at 7:27 p.m.
March 5, 2026