U of T Applauds Ontario budget's investments in universities

The University of Toronto welcomed the Government of Ontario's strong show of support for post-secondary education and research in its 2008-2009 budget, released March 25.

"The Government of Ontario today pledged a range of helpful investments in the university sector across the province – from infrastructure funding to programs that will strengthen university research and student access to universities", said President David Naylor. "We are certainly encouraged by this government’s understanding of universities’ central role in the province’s global competitiveness.

The university heartily commends the government for its investment of $200 million in incremental funds for the maintenance and renewal of university facilities across the province. Universities across the province will also benefit from $250 million that the Government of Ontario will invest over the next five years in the Ontario Research Fund. These new funds will help U of T and other universities recruit top researchers from around the world and retain them against growing competition from universities in other jurisdictions.

The University of Toronto especially applauds the government’s commitment of $465 million to various programs aimed at further improving students’ access to post secondary education. Separately, the announcement of a tax incentive program for new corporations that commercialize research at Canadian universities, colleges and research institutes will help campus-based researchers deepen their links to competitive Ontario businesses.

Today’s budget paid particular attention to the University of Toronto’s unique strengths in helping Ontario compete globally:

• The government also pledged $25 million that would lever other funds in order to create a new Munk School of International Studies at the University of Toronto. The school will build on U of T’s existing strengths in international studies, economics, business and political science to educate Ontarians at a graduate level in the various disciplines required for effective globalization.
• The budget announced that Premier Dalton McGuinty had asked Richard Florida, Professor of Business and Creativity at the Rotman School of Management, and Roger Martin, Dean of the Rotman School of Management, to study the changing composition of Ontario’s workforce and economy.

Such support will help ensure the University of Toronto can play its leadership role as a unique asset for Ontario and Canada.