Quebec taxpayers will pick up a $400 million tab for the Université du Québec à Montréal’s costly real estate misadventure.
“We are taking measures as a government to make sure it doesn’t happen again,” said Education Minister Michelle Courchesne.
The bailout, announced Oct. 8, means the university will not drown in its mismanaged funds and hasty construction deals. It will cover the $180 million bill for the Pierre Dansereau science complex and the $65 million in operating grants which the province of Quebec has withheld since the university’s financial troubles went public in 2005.
This money is in addition to the $200 million the province has given to cover the cost of the Îlot Voyageur site—a building UQAM has realized it will never use.
Over the past year, UQAM has replaced many staff members linked to the financial crisis. It also plans to cut programs to have its finances balanced by 2014.
Meanwhile, Courchesne has promised to revise legislation on university administration and expansion plans. The new guidelines should be released soon.
