TORONTO - Student success and the continued commitment of the Ontario government to higher education were celebrated by the Council of Ontario Universities (COU) in response to an infusion of operating funding for the sector announced by the Ministry of Training, Colleges and Universities.

In a speech yesterday, Minister John Milloy indicated that universities and colleges would receive $150 million of immediate, one-time operating funding to accompany the province's annual operating grants for the sector. Milloy also outlined the achievements of the government's highly lauded Reaching Higher funding plan. These achievements include higher graduation rates - which are critical to the government's economic agenda of developing "the best educated workforce."

"We are proud of the gains that have been made in student success as a result of the Reaching Higher plan," said Dr. Peter George, Chair of COU and President of McMaster University. "We also applaud the investment of additional operating funding, which is vital to the financial health of our institutions and to sustaining the teaching and research environment for our students."

In addition to enjoying higher graduation rates, Ontario universities are experiencing increasing numbers of students applying to their institutions. Once Ontario university students graduate, their employment rate is 94% after six months and 96.9% after two years. They are sought after across Canada and around the world because Ontario university degrees are so highly regarded by employers.

Reaching Higher, which was announced in 2005, provided funding until the end of the fiscal year 2009-10, supporting Ontario universities through stable, long-term planning and an important increase in operating funding. In the recent 2009 Ontario budget, the government protected the planned increases in operating funding for 2009-10.

"We are excited by what has been achieved to date and enthusiastic about working with government on the next phase of a long-term operating plan," said Dr. Paul C. Genest, President of COU. "Sustainable funding ensures that our universities can achieve Ontario's goals in developing talent and innovative research, both of which are central to the future growth of the province. Today's funding investment will help institutions to address some of the significant financial pressures they are facing as well as protect knowledge-sector jobs."

"The Ontario government has been a leader in advancing higher education and Ontario's universities are proud to be partners in fostering the talent and innovation that drives our economy," Genest added.