TICO conducting largest funding review in 25 years
TICO has been in existence since 1997 and its fee structure and funding model have remained largely unchanged in that time. The travel landscape has shifted considerably, especially over the past two-and-a-half years, providing an opportunity to complete a comprehensive review.
About the review
After a competitive bid process, TICO hired Optimus SBR, an Ontario-based full-service consulting firm, to lead an end-to-end review of TICO’s current funding framework, as well as a full review of the Compensation Fund.
The review includes a jurisdictional scan of the framework in other provinces and countries, and their successes and challenges. Stakeholder input is also a critical factor in developing an updated framework.
Following the initial review of the current funding model and goals, TICO has elected to expand its stakeholder engagement activities to hear from as many stakeholders as possible. An updated timeline for the funding review has been shared below.
Given the magnitude of this review, TICO looks forward to working collaboratively with all stakeholders. Consistent with TICO’s Administrative Agreement with the Minister of Public and Business Service Delivery, final recommendations will be provided to the Minister, detailing any proposed changes to the current funding framework and fee model.
“The pandemic has provided us with an opportunity for a reset. We know that industry is hungry for an opportunity to revisit the way TICO’s fees are structured. That process is now officially underway.”
Richard Smart TICO's President & CEO
How can I share my feedback?
If you would like to provide input into TICO’s future funding model, Optimus SBR has launched an online submission form to accept registrant and stakeholder feedback. Click here to begin.
- Fall/Winter 2022 – Consultant conducts comprehensive analysis, stakeholder engagement
- Spring 2023 – Consultant to present recommendations to TICO’s management and Board of Directors
- Summer 2023 – TICO to conduct comprehensive consultation with registrants and stakeholders on new funding model
- Fall 2023 – Final recommendations provided to Minister of Public and Business Service Delivery
- Late Fall 2023 – Announce next steps regarding the framework and timing/transition for new funding model
Depending on the nature of the possible options that TICO submits to the government for consideration, the timelines to accept and implement any proposed changes to the fee model are variable. Registrants would also require time to ready their businesses for any proposed changes.