The College of New Caledonia passed on Friday an $86.5 million budget for 2023-24.
Revenues over the past fiscal year totaled $85.5 million and the $1 million projected shortfall (1.2 per cent of the budget) will be made up using surplus funds from previous years.
CNC administrators say the new budget will support growth and additional seats in college programs services. Students will also benefit from increased funding for admissions and student services. The college also plans to create a long-term enrolment plan and student retention strategy.
The new budget reflects tuition and student fee increases of two per cent for domestic students and four per cent for international students, announced in December.
The college projects it will have 1,381 students in its spring Intersession that begins in May. The fall term estimate is for 2,948 students, jumping to 3,096 in January.
After two years of the pandemic, student enrolment improved this past fiscal year and CNC expects further recovery over the next 12 months leading up 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 CNC president and CEO Dr. Dennis Johnson, who announced in January he is stepping down form his duties at CNC after three years.
“This budget complements several areas of student services. It also makes strategic investment to build a thriving and effective college with a strong focus on student success.”
