Revenue assumptions

On February 12, the Province announced a four-year funding package for all of Ontario’s PSE institutions. For Ontario Tech, we anticipate receiving funding for unfunded student seats to 2024 as well as the conversion of previous one-time-only (OTO) grants into continuing annual base funding. Overall, we are projecting total revenues of $310.8 million.

Grants

University operating grants were capped at the 2016 rate, which amounts to approximately a 30 per cent decrease in provincial per-student funding over the past decade when adjusted for inflation. We anticipate that our overall base funding from the government will increase, yet the details are still being worked out in conjunction with the renewal of our SMA.

Tuition

The tuition fee framework regulates all publicly funded programs based on program and year. In 2019, domestic tuition rates were decreased by 10% and subsequently frozen. The lifting of the tuition freeze in February of this year allows an annual 2% increase in domestic fees for the next three years. International tuition or cost recovery programs are not included in or constrained by the limits imposed by the provincial framework. Tuition fees for most Ontario Tech programs remain below the provincial system average.

Ancillary fees

The balance of student fee revenues comes from ancillary fees, which support pre-specified approved activities (e.g., recreation and health services, student learning and supports). These fees follow a provincial fee protocol that allows for an annual inflationary increase based on the Bank of Canada’s September-to-September Consumer Price Index (CPI).

Other

This category, which includes items such as interest income and commercial services, is expected to remain stable. Our goal is to maintain an overall financial balance in commercial services (e.g., parking, food services). Any surplus is allocated to capital reserves for future investments, while prior-year reserves cover any anticipated deficit. This ensures that the core operating budget remains unaffected by supplementary services.