durhamregion.com | This Week | Thursday, May 19, 2022 | 6 Over 90 years of Service to our Community We offer Modern Amenities Together with Timeless Values of Trust and Caring Service. 110 Dundas Street E.,Whitby • 905-668-3410 wctownfuneralchapel.com Road was chosen by an expert panel commissioned by Lakeridge Health. When the site was announced, Sharon Cochran, chair of the Lakeridge Health board of trustees, said, "A proposed future hospital in Durham Region will serve all the communities in Durham. We are pleased to accept the expert panel's recommendation regarding the Whitby site -- this is an important step in advancing the development of a new hospital as envisioned in our master planning process." Sharon Navarro, spokesperson for Lakeridge Health, said about progress made since the announced site: "Since then, we have briefed the Ministry of Health and engaged with several stakeholders (including our MPPs, mayors, and regional chair). We continue to work with the Town of Whitby task force on the proposed land transaction." Lakeridge Health officials have been meeting with the provincial officials about the hospital, she said. "The Ministry of Health is well aware of the proposed location and the scale and scope of proposed services for the new hospital. The proposed new hospital has been a centre-piece of the Lakeridge Health master plan since its submission to the Ministry in 2020. The master plan remains under review by the Ministry," she added. Whitby Mayor Don Mitchell said when the site was announced: "Today is an exciting day for residents from across the entire Durham region. I want to thank the site selection independent expert panel and Lakeridge Health for their due diligence, transparency and efforts throughout this process. "This robust process ensured fairness in determining the best site on behalf of all Durham residents. I would also like to recognize the members of Whitby council for their ongoing support through this process and for this site," Mitchell added. Regional Chair John Henry said in a statement: "Today is a historic day in Durham Region, as Lakeridge Health announced the preferred location for a proposed future hospital. This decision moves our collective communities one step closer to a new hospital for Durham region." Pickering and Oshawa were also bidding to host the new hospital. Oshawa Mayor Dan Carter said the city would continue to advocate for the hospital to be there. "I think my constituents expect me to fight as hard as I can until the day they put the shovels in the ground," he said when the Whitby site was announced. Pickering Mayor Dave Ryan was disappointed that the city was passed over. "Pickering will have the largest population in Durham Region and is the only city in the region to not have a major health-care facility," he noted. Navarro noted Lakeridge Health officials are optimistic the hospital will be approved by the province. "The need is clear and evident," she said. She also doesn't think the province will turn down funding a new hospital. "In Lakeridge Health's view, this is unlikely. With the increasing population growth planned in the region and the capabilities of our existing sites to provide the acute care services required, the need and evidence supports a new hospital," Navarro noted. As for when a hospital will be built, she stated, "Lakeridge Health indicated in its master plan that the proposed new hospital would come into operation in 2030. We remain optimistic that this timeline will be realized." The cost for a new hospital hasn't been determined. "It is premature to define costs at this early stage in the process. Several other hospitals of similar scale and scope of services have been developed in recent years. The cost of those hospitals may help answer your questions in an order of magnitude estimate," Navarro said. PROVINCIAL ELECTION Continued from page 3 'WE ARE PLEASED TO ACCEPT THE … RECOMMENDATION REGARDING THE WHITBY SITE' SCAN THE CODE to read more Whitby news. Investors can look forward to enhanced disclosure of investment fees and costs on the mutual funds and ETFs they own. This is a good thing, and it is a follow up to cost disclosure requirements implemented in 2016. The new standard of disclosure is at the proposal stage and the objective is to have it effective in 2024. This effort is being made by regulators in both investment and insurance sectors to provide harmonization of standards. Historically, this has not been the case. Clients will be able to see the fund expense ratio that will include both the management expense ratio (MER) and the trading expense ratio (TER). This will be expressed as both a percentage and in dollar terms. Management expense ratio covers the cost of operating a mutual fund. Trading expense ratio is less understood. When securities within a mutual fund are bought and sold there can be a charge. When people have better ability to understand the costs, they are in a better position to determine if they are getting good value for their money. That's basically how capitalism works. It is a two-part process. Understand the costs, then decide what and where you will purchase goods and services. This proposal for enhanced fee disclosure is a good step for the industry, and a very good step for investors. Peter Watson is registered with Aligned Capital Partners Inc. (ACPI) to provide investment advice. Investment products are provided by AC- PI. ACPI is a member of the Investment Industry Regulatory Organization of Canada. The opinions expressed are those of the author and not necessarily those of ACPI. Watson provides wealth management services through Watson Investments. He can be reached at www.watsoninvestments.com. MORE DISCLOSURE GREAT FOR INVESTORS OPINION PETER WATSON Column Please keep our com m unity clean!