Despite concerns among faculty and students regarding the institution's budgetary pressures, Queen's University principal, Patrick Deane, says there is "no risk" that the school will close its doors in any foreseeable future.

In early January, the university's main student-run newspaper, the Queen's Journal, reported on a "chaotic faculty town hall meeting" in mid-December that addressed concerns regarding the institution's project operating budget deficit. 

According to the article, provost and vice-principal Matthew Evans, who also serves as the university's chief academic, budget, and operating officer, said that the university is expected to "exhaust its reserve funds by 2025-26," noting that "Queen's could cease to exist if we don't deal with this issue." 

In a letter sent to students in November, the university also confirmed its financial challenges, writing that costs "have exceeded revenue to an unsustainable level." 

"Downturn in international students might force one of Canada's most prestigious Universities to shut down" 👇🏽https://t.co/4ieusP19o9 pic.twitter.com/s6ooJpfD85

— Shazi (@ShaziGoalie) January 11, 2024

However, in a statement that Deane acknowledged as "unusual for a leader of a university," he said it was imperative to set the record straight about the institution's future.

"While the current financial situation for Queen’s poses challenges, the same is true for most postsecondary institutions in Ontario. The current economic situation combined with chronic underfunding by government and caps on enrolment have significantly strained our resources," the statement released on Jan. 26 reads. 

"That strain will continue to be felt in the coming year, but I know that as we have done in the past, we will face whatever obstacles lie ahead and emerge stronger for our efforts." 

Deane said the university's administration has been meeting with community members about the school's budget situation, noting that their intention has always been to be direct and frank. 

Principal Patrick Deane has issued a statement addressing the community on the university’s financial situation.
Read the full statement:https://t.co/xWSjKOFUmt pic.twitter.com/dyAlh3j5lb

— Queen's University (@queensu) January 26, 2024

"Let me be very clear that there is no risk that Queen's in any foreseeable future will close its doors," the statement continued. 

"What is clear is that for long term sustainability, however, we like so many institutions in the sector must take this time to look very carefully at the way in which we operate. We must reflect and consider how we can continue to realize our aspirational goals in the face of limited resources." 

The principal's message follows weeks of debates regarding the institution's financial woes as well as the possible cuts that could be implemented as a result of the school's $48 million budget deficit. 

In a budget presentation to the university's senate on Jan. 17, Evans highlighted salary increases and inflation as causes of the budget deficit, as well as the provincial government's decision to freeze domestic tuition at 2019-2020 levels, costing the university approximately $240 million to date.