Ontario’s 24 colleges, including Canadore, are looking for a meeting with the Premier to address the funding crisis that has them facing a $1.9-billion shortfall by 2024-25.

Canadore President George Burton says they have a shortfall because the amount they receive per student each year continues to decline. with about a million dollar challenge locally over the next year.

He says it’s a time sensitive issue too.

“We are at a desperate situation in the province, where we have to consider cutting programs and services if the funding gap is not addressed within a very short time frame,” he said.

Burton also says they don’t have the luxury of tapping into reserves like some of the bigger colleges.

“If the intent is to consolidate the college system, then I would say, let’s be transparent about it and state your intentions. If not, let’s address this funding gap now so we have equity for all of our learners across the province,” he added.

The colleges say a new report by PwC Canada suggests that if no actions are taken to change current trends of revenues and expenses, colleges could face an annual operating deficit that will exceed $400 million a year by 2024-25 and a cumulative shortfall of more than $1.9 billion by that time.

In a release, they say while colleges have worked to manage funding shortfalls through greater efficiencies, the sector is at its breaking point.

The government’s recent announcement that tuition fees at Ontario’s colleges will remain among the lowest in Canada worsens the fiscal squeeze.

College representatives will be meeting with Advanced Education and Skills Development Minister Deb Matthews in February. The colleges are also seeking an urgent meeting with the Premier.