Are Public Universities in Ontario Financially Sustainable?
The Auditor General of Ontario’s (AGO) “Value-for-Money Audit: Financial Management in Ontario Universities” report auditing four public universities in Ontario concluded that although these audited universities are financially sustainable, improvement is required across a number of financial management and governance practices. The AGO also observed in its report that the financial health of these universities have been materially affected by policy decisions at the provincial level affecting key revenue streams. For the three DBRS Morningstar-rated universities (Nipissing University, the University of Ontario Institute of Technology, and the University of Windsor) involved in the audit, DBRS Morningstar believes these factors are already evident in its assessment of each university’s overall financial health, or do not have a material negative impact on overall credit profiles.
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