The College of New Caledonia’s (CNC) Board of Governors has passed a budget that will focus on student success in the coming fiscal year while supporting important priorities in the lhulh whuts’odutel’eh | Learning Together strategic plan.
CNC will offset an approximately $1 million projected deficit with surplus funds from previous years. The deficit represents about 1.2 per cent of the college’s annual operating budget. Enrolment and consequently revenue for the college have improved following the initial years of the COVID-19 pandemic. Further recovery is anticipated over the next fiscal year which runs to March 31, 2024.
“We’re now entering year three of our strategic plan, and we remain focused on our commitments to students to learning across a lifetime and student success in the education and training we provide,” said Dr. Dennis Johnson, CNC President and CEO. “This budget complements several areas of student services. It also makes strategic investments to build a thriving and effective college with a strong focus on student success.”
CNC’s 2023/24 Operating Fund budget totals $85.5 million in revenue and $86.5 million in expenses. The overall deficit reflects:
- A shortfall in the operating fund;
- A small shortfall in ancillary services attributable to campus housing; and
- Amortization of capital assets. CNC will support student success and build for the college’s future in several ways.
These include:
- Investments to support growth and additional seats in programs and services, along with funding to implement quality assurance measures to foster excellence in teaching programs;
- Increasing funding for admissions and student services; and • Strategies to improve student enrolment and retention, including the development of a long-term enrolment plan as well as a student recruitment strategy.
CNC continues to analyze spending through its budget development process by reviewing vacant positions and underutilized budgets as well as adjusting contingency funds.
“This budget will work to strengthen the student experience at the college, while helping CNC to build a stronger foundation for meeting student and community needs now and into the future,” said CNC Vice President Finance and Corporate Services Tara Szerencsi