College of New Caledonia board reports unanticipated surplus at year-end

CNC’s Board of Governors was informed on April 29 that there was an unanticipated surplus of $1.8 million at 2015/16 year-end.

CNC’s Board of Governors held its regular monthly meeting April 29. At this meeting, the Board was informed that there was an unanticipated surplus of $1.8 million at 2015/16 year-end.

Last year, the college was forced to make significant changes to address a $2.8 million deficit and to ensure the long term financial stability of the college. These measures plus an unanticipated increase in student enrollment has resulted in a projected surplus of $1.8 million for the 2015/2016 budget.

In light of these events, the Board has decided to delay adoption of the 2016/2017 budget and the assumptions it was built on. A special meeting of the Board will take place in May to look at a revised 2016/2017 budget and potential options to utilize the surplus.

During the Annual General Meeting held today, a new Board Chair Jason Fisher along with Vice Chairs Mary Sjostrom and Lee Doney were elected by acclamation. The Board also extends a welcome to new members, Don Gowan and Kevin Pettersen who are both government appointees.  New to the Board as well are Harpreet Singh Gehlon who is the new Student representative, Mark Wendling as the Faculty representative and Sabreena MacElheron as the Operational Employee representative on the Board.

The Board thanks former Chair Vince Prince and Vice Chair Lee Ongman for their dedicated service to CNC and they will remain on the Board.   The Board also thanks out-going members Sheldon Clare, Steven Perison and Chris Brown. The Board would like to extend its appreciation to Robert Fowler from Burns Lake who resigned from the Board.

 

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