By Shannon Higgins
With Ontario’s $500 million deficit, President Sheldon Levy said raising funds for the new Daphne Cockwell School of Nursing building will be difficult.
While projects already in motion, such as the new Student Learning Centre, won’t be affected, Levy said other expansion projects in Ryerson’s Master Plan will be delayed because the university relies on provincial funding.
Ontario Premier Dalton McGuinty said universities will have to moderate demands for cash and should expect less funding. And it’s not just building growth that might take a dive. Federal funding for research may also drop.
As for Ryerson’s strategies, Levy will be sensible.
“You aren’t going to come to the government with a huge long list — because the Canadian government will have to take a limited approach.”
At the Ontario Economic Summit in early October, university leaders met to share information.
“It was very, very close to when the markets were tumbling — many of the discussions were trying to read the tea leaves about what this will mean for Ontario,” said Levy.
Until the global economy has a brighter outlook, Ryerson’s expansion plans may be postponed.
“Ryerson will be prudent in spending because the times have changed.”
Ryerson also lost the expected four per cent return in interest from its $70 million endowment.