Local post-secondary institutions facing large deficit as funding struggles continue

EDITOR’S NOTE: A previous version of this story incorrectly suggested the provincial government had decreased operational funding for Ontario colleges and universities. As a result, this article has been updated.

As Ontario colleges and universities continue to make cuts due to lower revenue sources, many post-secondary institutions are feeling the pinch.

That includes the University of Waterloo which is facing a heavy deficit this year.

Speaking on the Mike Farwell Show, Jeffrey Casello a Professor of civil and environmental engineering at the University of Waterloo said tuition cuts and inflation haven’t helped the situation.

“Across the province post-secondary institutions are facing 10 or 15 percent operating budgets,” he said. “For the University of Waterloo that means something like 80 million dollars in deficit for the upcoming budget year.”

Casello noted in addition to the financials, the current political climate around post-secondary institutions is amplifying the dire situation.

“The public perception of faculty members as a whole, is such that it’s a really popular political move to starve post-secondary institutions,” he said. “It’s just a winning strategy right now for the Ford government and we have to end the stalemate because our students are ultimately going to suffer.”

Casello said, the lack of funds have prompted faculty to look at the possibility of taking a pay cut to help compensate for the shortfall.

It’s an idea he said is supported by many of his colleagues, but wouldn’t fix the financial struggles of institutions long-term.

Instead, he hopes the pay cut idea would jump-start a change in policy from the province and sway public opinion on the importance of maintaining post-secondary institutions.