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By Curtis Galbraith

Agriculture

CGC using accumulated surplus to cover shortfall

Oct 18, 2024 | 6:00 AM

The Canadian Grain Commission says it has to dip into surplus funds to cover a a shortfall this year and for the next two fiscal years.

The commission says grain volumes it has weighted have been lower than anticipated since a cut to weighing and inspection fees three years ago.

It also says in a news release that adjustments to fees every April 1 tied to the Consumer Price Index have not been enough to keep up with lower grain volumes and higher operating costs.

The commission also says a 2024 fee review found that current fees will not be enough to cover costs in future years.

The plan to use surplus funds to cover shortfalls will continue until the next fee review in 2027.

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The commission’s release says this will bring the accumulated surplus down to $57 million by 2027, including $40 million set aside as a contingency fund.

The CGC promises to consult with the industry before any future changes to fees.