A report by the Council of Ontario Universities provides a 10-year review of the revenue and expenses of universities in Ontario. Information is derived from an annual publication entitled "Financial Report of Ontario Universities." The policy environment as well as revenues and expenses are discussed. An overview identifies major trends (using both narrative and tables) including a policy environment characterized by an expanding economy, changes in the distribution of both revenues and expenses, and substantial differences among institutions in revenues and expenses. Adjustments to the data to improve comparability are briefly noted . The major portion of the document provides financial information in tabular form with sections which focus on: (1) enrollment and basic income units for each university on a consolidated basis; (2) summary information for all universities and affiliated and federated colleges on a consolidated basis; (3) sources of revenue for each university; (4) objects of expense for each university; and (5) financial information for each affiliated and federated college. (SM)