Magazines Canada is telling its members that the election call and the fact that the recent budget was never passed may mean 20% less money in the Canada Periodical Fund. The March 22 budget had contained a provision for a $15 million addition to the $60 million fund.
- The road ahead is not clear but there is a very good chance that, when payments to publishers are made in June or July of 2011, they will be based on a budget of $60 million, 20% less than the $75 million the program dispensed last year at this time [the item in the association's newsletter says]
- Whether or not the remaining $15 million is approved and the timing of its potential distribution to publishers depends on a series of variables.
The association says one of two scenarios could play out for the program -- which give grants for business and editorial development -- either of which will give pause to publishers counting on the money:
Not surprisingly, Magazines Canada says it will continue to advocate for the full $75 million.1. The Department of Canadian Heritage could disburse the $60 million come June or July then make a second payment later if the $15million materializes;2. The $15 million is never approved, in which case the fund will have been permanently shrunk.