March 24, 2006 9:20
am
Colleges ran $50 million surplus
Well, surprise, surprise.
Turns
out Ontario’s colleges aren’t so broke after all.
The
Ontario budget revealed yesterday that the colleges ran a $50 million
surplus in the 2005-06 budget year and are projecting a $38 million
surplus for 2006-07.
This
year’s budget gives colleges $89 million more than they had last year.
While
the colleges are flush, the province is doing even better. Ontario
personal and corporate tax revenues were $2.3 billion higher this year
than forecast in last year’s budget.
And
there’s more. Turns out the Ontario government has a written promise
from Prime Minister to flip Ontario a cool $7 billion over the next
six years to fund programs like housing and post-secondary education.
“According
to the budget documents, at least $750 million in federal funding is
allocated to higher education between 2007-2009,” said Jesse Greener
of the Canadian Federation of Students (Ontario). “There is absolutely
no reason for college students to be out of their classes while
colleges claim they can't hire new faculty.”
Read the full CFS news release at http://www.newswire.ca/en/releases/
archive/March2006/23/c5406.html .
