HALIFAX – The Nova Scotia government says new legislation that would require the province’s 10 universities to report on their financial health is the first of its kind in Canada.
Advanced Education Minister Kelly Regan says the move is necessary because the province can’t afford to bail out schools that may get into financial trouble.
In recent years, the Nova Scotia College of Art and Design and Acadia University have run into financial problems.
Department officials say the government gave a combined 20 million dollars in extra assistance to them.
The legislation introduced yesterday is aimed at creating an early warning system by requiring the submission of financial reports and updated forecasts each year.
It also gives the government power to withhold grants and set conditions for grants when schools get into financial trouble.
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