The rising cost of our previous office space was no longer sustainable. Council agreed it was time to make a responsible change. Moving to the shared regulatory space in the Centre for Professional Regulatory Collaboration at 210 Commerce Drive – was a practical decision that reduces long-term costs and ensures better value for registrants’ fees.
While this move positions the College for greater financial stability in the years ahead, it did involve short-term transition costs. Council covered these costs by drawing on limited reserves. Over the coming years, these reserves will need to be replenished so the College remains strong, responsive, and able to fulfill its regulatory mandate with confidence.
Restricted and Unrestricted Funds
This year, for the first time, Council established Restricted and Unrestricted funds, aligning the College’s financial practices with those of other regulatory colleges
Council has also set target balances for each fund to support long-term financial stability.
Restricted funds are monies set aside for a specific purpose. For example, Council transferred money into a legal reserve fund – meaning those dollars can only be used for legal needs.
Unrestricted funds are available to be used where they are needed most.
Maintaining appropriate balances in both funds allows the College to respond to unexpected costs or opportunities – such as the move to shared regulatory space while continuing to operate in a financially responsible and sustainable way.
