TICO's Comprehensive Funding Framework Review – Progress and Upcoming Milestones
June 26, 2023
Last fall, TICO 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.
Review update
Starting 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 this 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.
Funding model principles
TICO’s 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 our mandate, TICO continues to practice prudent financial management. Over the last five years, total operating expenses have declined by 0.7% annually, on average. We continue to look for efficiencies, while supporting Ontario’s travel consumers.
Upcoming milestones
"We understand the industry's keen anticipation for the review's outcome," said TICO CEO Richard Smart. "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."
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.
For more information
- Registrar Bulletin: Update on TICO's Comprehensive Funding Review – click here
- TICO Talk Newsletter article about the review – click here
- Registrar Bulletin: TICO reinstates fees in 2023 and launches comprehensive review of funding framework and Compensation Fund – click here
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