Making Progress
The Travel Industry Council of Ontario (TICO) has provided an update on the Comprehensive Funding Framework Review that is now underway.
It notes that last fall, it initiated the largest review of its funding framework and fee model since inception. Optimus SBR, an Ontario-based consulting firm, was tasked with leading this comprehensive review, which covers TICO’s funding framework for regulatory services, the Compensation Fund and associated contributions.
Beginning in fall 2022 and through the early months of 2023, Optimus SBR analyzed TICO’s existing funding framework, fee structure and the Compensation Fund. Valuable feedback was gathered from stakeholders, registrants, and Ontario consumers. More information about this stage can be found here.
At the conclusion of the review in spring 2023, Optimus SBR prepared recommendations for TICO’s future funding framework and the Compensation Fund. All stakeholders provided valuable input into the formation of these recommendations.
In terms of funding model principles, TICO notes that its future funding model will be premised on a set of well-founded guiding principles that strive to achieve fairness, simplicity, efficiency and enhanced transparency.
In keeping with its mandate, TICO continues to practice prudent financial management. Over the last five years, total operating expenses have declined by 0.7% annually, on average and it continues to look for efficiencies, while supporting Ontario’s travel consumers.
TICO CEO, Richard Smart said: “We understand the industry’s keen anticipation for the review’s outcome,” “While we are equally eager to disclose the findings, we are currently finalizing our fee review analysis (business case), which will be submitted to the Ministry of Public and Business Service Delivery prior to launching consultations. It would be premature to share incomplete information at this stage.”
In its update, TICO notes that any changes to registrant fees must follow a thorough process and criteria, as outlined in the Administrative Agreement (Agreement) between TICO and the Minister of Public and Business Service Delivery (click here to view).
The business case is subject to final approval by TICO’s Board of Directors and will be submitted to the Ministry of Public and Business Service Delivery, in accordance with the Agreement.
A comprehensive consultation is expected to begin this fall, inviting all registrants and stakeholders to provide their feedback to TICO through both in-person and virtual sessions. Details will be shared in advance.
Go to www.tico.ca for more.
