The College of New Caledonia is raising tuitions by up to two per cent this fall.
The move, determined by the CNC Board of Governors on Friday, Feb. 22, is predicted to generate about $100,000, depending on enrollment and final approval by the government.
“It will help, but we still have some work to do to submit a balanced budget,” said CNC President John Bowman.
The college is working to resolve a predicted $1 million budget shortfall for the 2013 and 2014 fiscal year due to rising costs and overall funding that has not kept pace.
Colleges are required by provincial legislation to plan for a balanced budget every year, which means changes to the budget are necessary in order to deal with the projected shortfall.
The board heard preliminary options for dealing with the projected shortfall, which included a combination of reduced expenditures, reallocations of unused budgets, and inclusion of deferred and other revenues in the budget, as well as a limited number of early retirement incentives and voluntary severance packages.
Final approval for the operating budget will occur at a board meeting on April 26.
The college solved a $2.3-million projected budget shortfall in 2012 and 2013, and submitted a $48 million balanced operating budget.