The Canadian Taxpayers Federation is criticizing the Ford government for placing taxpayers on the hook for Laurentian University’s debt after years of financial mismanagement.
“Laurentian University has been reckless with its finances for years,” said CTF Ontario Director Jay Goldberg. “The university has been running deficits for at least seven years and racked up tens of millions of dollars of debt, despite record tuition revenue. Laurentian University’s terrible financial management has gotten it into this mess and taxpayers should not have to bail it out.”
The Ford government announced a new $6-million grant for Laurentian University and is replacing private creditors as the university’s lender.
“By taking on Laurentian University’s loans, the Ford government risks losing tens of millions of dollars,” said Goldberg. “Earlier this year, Laurentian University told the government it needs a $100 million bailout to repair its finances. Taking on the university’s loans will be just the start of this boondoggle.”