The Board of Governors at the College of New Caledonia (CNC) passed a budget with a deficit of $3.5 million dollars but will maintain student services in the process.
CNC President and CEO Dr. Dennis Johnson said the College has a sufficient accumulated surplus to absorb the potential deficit projected in the 2021/22 budget.
“While much uncertainty remains around the impacts of the COVID-19 pandemic on the college, this budget is prudent and responsive to the times,” he said.
“The 2021/22 budget will maintain student services and support student success as we work to transition to increased activity on our campuses and help us to strengthen vital college systems as we prepare for students’ needs into the future.”
CNC’s Operating Fund for the upcoming school year (2021-22) totals $69,631,021 in revenues and $72,458,930 in expenses.
This results in a deficit of $2.8 million due to an anticipated decrease in enrolments and additional expenses to support the health and safety of students and employees.
In addition, the budget also reflects the anticipated $202,673 deficit for Ancillary Services, which includes the College Bookstore, Food Services, Printing Services, Student Housing, and Parking.
“We’re taking a conservative approach with our budget projections,” said Vice President Finance and Corporate Services Tara Szerencsi.
“Last year, CNC mitigated a potential deficit through savings and receiving more tuition revenue than expected. We will continue to review our budget and work to ensure that we are allocating funds in the most effective manner for student success and to achieve the College’s strategic goals.”
CNC’s current Board Chair Gil Malfair was re-elected by acclamation for another term.
He was first appointed in December of 2016 and has served in this role for the past three years.
Vice-Chair Regina Toth was re-elected to a second term in her position.