The 1984-1985 operating fund requirements for Ontario higher education institutions are examined. It is suggested that relative to other jurisdictions and to the early 1970s, Ontario universities are seriously underfunded and falling further behind each year. Statistical tables include the following: funding recommendations of the Council of Ontario Universities for 1984-1985; interprovincial comparison of university financing; interprovincial comparisons of operating grants to universities per full-time-equivalent student, 1974-1975 to 1982-1983; provincial operating grants for universities per $1,000 of provincial personal income; percentage of general operating and total income, 1981-1982; projected annual percentage increases in the Consumer Price Index; Ontario University Nonsalary Price Index; faculty salaries by province, region, and age category, 1981-1982; benefit costs and increases relative to salary expenditure in universities and government; index of expenditure on library acquisitions; total equipment purchases by fund; estimated tax capacity, tax revenue, and tax effort, 1981-82; employment by educational attainment--Canada, December 1982; and Canadian unemployment rates--estimates by educational attainment. (SW)