The general report in August will show the full picture of funding for the University of Manitoba.
According to the comments of Auditor General Norm Ricard, the province owes $118M to IGF builder Triple B Stadium. It was assumed that the source of indemnification would be property taxes. Unfortunately, the land is still little used, so there is no tangible budget replenishment.
According to the report in June, the university does not have enough funds to repay the loan. The home football stadium was built as the CFL's home arena of Winnipeg Blue Bombers in 2013.
Unfortunately, the intensity of activities and the total income from taxes could not cover costs. The province is forced to reimburse costs from its own budget.
This financial report is a direct proof of the short-sighted policy of the governing bodies. The 33,214-seat football stadium should be built only after thorough research and financial analysis. No entertainment complex or sports arena in the world is built without preliminary market analysis.
For this reason, the lack of activities and associated tax contributions resulted in a lack of funds to repay the loan.