The College of New Caledonia’s Board of Governors met on Friday, January 15th.
The agenda included a number of items of interest including an annual Oath of Office, a discussion about the college’s budget forecast and a vote on raising tuition.
The college has projected that it will have a budget surplus at the end of the 2015/16 fiscal year which is March 31, 2016.
This surplus is due to greater than anticipated tuition revenues due to an unpredicted increase in enrollment.
There has been a trend in recent years of decreasing enrollment. CNC was also able to rescind some of the layoffs that were anticipated at year end, 2014/15.
“The increase in student enrollment this year was completely unforeseen,” said CNC President, Henry Reiser.
“The 2015/16 budget was based on the trend of decreasing enrollments and we have been pleasantly surprised by the upturn of student enrollment. CNC will continue to look for cost saving measures in preparation of the 2016/17 budget.”
The Board voted in favor of raising tuition and mandatory fees by 2% for courses and programs beginning August 1, 2016. This decision was made because the board cannot rely on an expected budget surplus again next year.
Colleges are required by provincial legislation to plan for a balanced budget every year, which means that the 2% increase is necessary in order to stay on par with rising operation costs. Public post-secondary institutions are permitted a maximum 2% tuition and mandatory fee increase per year, and this is a common practice for post-secondary institutions across the province.
Final 2016/17 operating budget approval is expected to occur at the April 2016 board meeting.