By Rosalind Russell – Cambrian College is reporting a record surplus of $41 million for its 2023-2024 financial year, but the college’s president warns it will not last because of changes to government policy limiting the influx of international students.
College president Kristine Morrissey told the board of governors late last week $10 million will go towards an income stabilization fund and $30 million for strategic priorities.
She says the college is in a good place with sufficient reserves set aside but this will likely be the last year of a record surplus adding enrolment is expected to decrease from over 3,100 this January to a projection of just over 2,000 next year.
According to financial statements, international student tuition was at $176 million in 2023-2024 as opposed to $107 million the year before.
Domestic student tuition was also up, about $800,000 over the previous school year.
In April, the board approved its 2024-2025 budget.
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