Canadore budget in the red

Chronic underfunding has helped lead to a deficit budget at Canadore College.

The college was able to use some reserves to help out to reduce the deficit, but it's still close to $300,000.

Further details are included in the following news release issued by the college at 9:15 p.m.:
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The Canadore College Board of Governors approved a deficit for the College’s 2004-2005 budget at their regular meeting on June 15, 2004. The approved budget provides for revenues of $32,867,000 and expenditures of $33,752,000, for an operating gap of $885,000. This gap is to be offset by ancillary reserves, resulting in a final net deficit of $267,000.

“In order to fulfill our commitment of providing quality programs and services to our students and our communities, it was necessary for the College to approve a deficit budget this year,” said Canadore College President Barbara Taylor.

The 2004–2005 budget supports the College’s vision for Canadore in 2012 and its strategic plan by focusing on strengthening the College’s institutional viability and position as a community college.

As well, the budget focuses on enhancing program quality, currency and responsiveness to student needs, and reinforces Canadore’s commitment to community development.

With a yearly regional economic impact of $74.6 million, Canadore College plays a vital role in the community: by providing highly‑trained and skilled employees; as a driver of the economy; as one of the top ten employers in the city; and as community partner.

“We, along with every other college in Ontario, will continue to advocate for increased per student funding in order to ensure sustainable quality education for our students and our region,” said Taylor.

“Additional funding of Ontario’s colleges is an investment in the future of the Province.”



Ontario’s colleges face an immediate shortfall in public investment that could shut programs and partnerships, reduce critical student support services, cut in-class instructional time and halt the purchase of instructional equipment and information technology at a time when the province faces a critical skills shortage.

The colleges recognize the financial situation facing the Ontario government and as such, have developed a tempered request.

The multi-year investment requested of the Ontario government is $362 million over four years, an increase from the current $4,700 per student to $6,300 per student in 2007.

This remains less than today's national per student funding average of $6,800.