College of New Caledonia (CNC) finished last year slightly in the black.
The college saw a $165,605 surplus in its general operating fund for 2010-11, according to audited financial statements presented at its regular board of governors meeting Wednesday.
The surplus will be added to CNC's rainy day fund, called the internally restricted fund balance, which will reach $2.9 million.
CNC president John Bowman said while the surplus is very small, it is much better than the roughly $200,000 shortfall that was originally predicted for the year.
"Obviously we are very thankful to our employees, who did an excellent job managing their budgets as well as for the increased operating revenues that materialized over the past year," Bowman said.
However, Bowman cautioned the college's fiscal challenges will likely grow in the coming years if funding and tuition revenue levels remain at the current levels or decrease, while overall costs continue to rise.
The college's total expenditures for 2010-11 were just over $49.1 million.
CNC's next board meeting is scheduled for Sept. 30 tentatively in Mackenzie.
