la marzocco Posted December 13, 2018 Report Share Posted December 13, 2018 http://www.cmo.on.ca/important-update-on-the-colleges-financial-position/ The College has been advised that the Ministry of Health and Long-Term Care will no longer provide operational grants to the College. We were also advised that this decision is retroactive to April 1, 2018. This means that the funding we had anticipated for the current fiscal year will not be received. We received this news on November 8, 2018, eight months into our fiscal year. For 25 years, the College has reliably received annual grants from the Ministry. While the loss of this funding creates a significant budgetary shortfall for the College, we will still be able to deliver our mandate. Careful stewardship of our resources has allowed us to build net assets in recent years. We will operate with a deficit for the remainder of the 2018/19 fiscal year. We anticipate operating with a deficit until at least 2021. Link to comment Share on other sites More sharing options...
rmorelan Posted December 13, 2018 Report Share Posted December 13, 2018 That has a lot of consequences - I will have to digest it. Very bold move to say the least. Link to comment Share on other sites More sharing options...
la marzocco Posted December 14, 2018 Author Report Share Posted December 14, 2018 5 hours ago, rmorelan said: That has a lot of consequences - I will have to digest it. Very bold move to say the least. https://ici.radio-canada.ca/nouvelle/1141839/financement-conseil-arts-ontario-compression-doug-ford Looks like cuts are coming down across the board. He is reducing $5M in grants for the Ontario Arts' Council, again retroactively from April 2018 onwards - same as above. Link to comment Share on other sites More sharing options...
rmorelan Posted December 14, 2018 Report Share Posted December 14, 2018 14 hours ago, la marzocco said: https://ici.radio-canada.ca/nouvelle/1141839/financement-conseil-arts-ontario-compression-doug-ford Looks like cuts are coming down across the board. He is reducing $5M in grants for the Ontario Arts' Council, again retroactively from April 2018 onwards - same as above. yeah well it is a conservative government with a particularly conservative party leader - not to mean a very long period of time since similar aggressive cuts were made. On a policy point of view all of this is entirely expected I guess, and with the budget shortfalls there are some legitimate reasons for curtailing costs. Hopefully it won't be just a blanket let's cut anything and everything that moves or crawls and there will be some logical applied. I am not entirely hopeful of that of course, but still ideally it would fall that way. I have never been personally, and this is just personal, a fan of wild swings in political positions. Maybe it is my take on the Canadian path but most of us I think are kind of centralist in view points at least economically- a little bit of this and a little bit of that and be reasonable. Hard position mind you to sell politically of course (ha, there is no "base" with that position and it can come off as wishy washy. Heaven forbid someone have a balanced approach). Of course that works best when you actually have an official opposition that has enough strength to hold government to account - which for some reason we have in general been collectively lacking quite often provincially and federally over decades. Link to comment Share on other sites More sharing options...
la marzocco Posted December 14, 2018 Author Report Share Posted December 14, 2018 8 minutes ago, rmorelan said: yeah well it is a conservative government with a particularly conservative party leader - not to mean a very long period of time since similar aggressive cuts were made. On a policy point of view all of this is entirely expected I guess, and with the budget shortfalls there are some legitimate reasons for curtailing costs. Hopefully it won't be just a blanket let's cut anything and everything that moves or crawls and there will be some logical applied. I am not entirely hopeful of that of course, but still ideally it would fall that way. I have never been personally, and this is just personal, a fan of wild swings in political positions. Maybe it is my take on the Canadian path but most of us I think are kind of centralist in view points at least economically- a little bit of this and a little bit of that and be reasonable. Hard position mind you to sell politically of course (ha, there is no "base" with that position and it can come off as wishy washy. Heaven forbid someone have a balanced approach). Of course that works best when you actually have an official opposition that has enough strength to hold government to account - which for some reason we have in general been collectively lacking quite often provincially and federally over decades. And Ontario's credit rating just deteriorated again yesterday from Aa2 to Aa3. Not too significant of a downgrade, but moody's did cite that the government's deficit is largely to blame (can't attribute this all the new conservative gov't in all honesty) with no view of balancing in the next few years, but the conservative government has added insult to injury by reducing the cap-and-trade revenue stream and halted proposed tax hikes meaning less future revenues. Fiscal prudence is going to be necessary. I was quite impressed with how carlos leitao steered the Quebec fiscality in the past decade and got them onto the path of posting surpluses and now paying down their net debt. Link to comment Share on other sites More sharing options...
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