Monday, April 04, 2011

Extra $15 million in CPF funding up in the air, Magazines Canada tells members

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:
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.
Not surprisingly, Magazines Canada says it will continue to advocate for the full $75 million.

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