This report reviews economic factors affecting the universities of Ontario, Canada. In 34 tables and 25 figures it provides comparative data with other Canadian and American institutions over the past 15 years. An executive summary reveals that operating grants from the Ontario government have been declining, and that many universities have been forced to lay off staff and reduce spending in response to budgetary difficulties. In addition, public financial support, transfer payments, and provincial support to Ontario universities have not kept up with economic growth or the growth of government. Canadian universities receive about 25 percent less government support for each student than they did in 1977-78 (compared to the 10 percent decrease for U.S. universities in the same time period). Tuition fees have increased less over the course of the past decade in Ontario than in any other part of the country. Ontario universities are also spending 17 percent less on salaries for each student enrolled than in 1977-78 and less on buildings, land, and site services than have universities in seven of the nine other provinces. The report concludes that the continuing crisis of underfunding threatens both quality and accessibility unless increased financial support and greater funding is forthcoming. An appendix provides an update of the Ontario University Non-Salary Price Index. (GLR)