Where are our education dollars going?
Where are our education dollars going?
A 2019 Fraser Institute report revealed that over 91 per cent of the increase to education funding in Ontario in the decade preceding 2016 went to the salaries of teachers and other staff.
The FAO estimates show that five per cent of education spending goes into the Ontario Teachers Pension Plan. The average teacher starts collecting a pension of $47,300 per year and retires at the age of 59. According to this year’s budget plan, Ontario taxpayers will contribute over $1.7 billion to the teachers’ pension fund, which is $360 million more than we’ll give in post-secondary student financial assistance.
The pension fund is now worth more than $200 billion, and taxpayers have contributed 12 per cent of that, which is more than its members have. That’s concerning in light of a recent poll from BDO Canada which found that one third of Canadians have no retirement savings, and half live pay cheque to pay cheque.
The vast majority (86 per cent) of total education funding is administered through the province’s 72 school boards, yet only three school boards took up Ford’s offer to fund line-by-line audits to help them find savings. More baffling still, the Toronto District School Board opted out of provincial competitiveness legislation earlier this year that would open its construction contracts to non-union businesses to save money through more competitive bidding.
Looking beyond union rhetoric, it becomes evident that most of the increases to education funding have either gone into the pockets of teachers and staff, or have been carelessly squandered by school boards unwilling to save money.
Ford’s not the bogeyman of the education funding fiasco in this province, but hopefully he’ll stand up for taxpayers and stop being bullied by the true culprits in negotiations this fall.
The original version of this column ran in the Toronto Sun and it is now free to reprint.