Georgian College has found $7 million in savings to balance the 2017-18 budget.
Among them, Georgian will sell the Kempenfelt Conference Centre, near Barrie.
Georgian took over the waterfront facility from the province in 1981.
Another $2.2 million dollars will be saved in contract negotiations with external vendors, upgraded lighting and infrastructure, a two per cent increase in parking pass rates, and reduced spending on supplies and materials.
As well, seven full-time administration roles are being cut, a number of full-time support staff positions are also affected, and all full-time staff will be offered reassignment based on seniority, while the impact on part-time staff has not been determined.
President and CEO MaryLynn West-Moynes says Georgian, like all colleges, faces a significant shortfall in funding that has lagged behind inflation for man years.