College Passes Balanced Budget
By 250 News
Friday, March 27, 2009 04:01 PM
Prince George, B.C.- CNC’s Board of Governors has passed a balanced budget, thanks in part to an almost $2 million operating grant increase by the Ministry of Advanced Education.
The increase erased a $1.1-million shortfall the college was looking at earlier in the year and means no programs or services will have to be reduced in the coming year.
“Well, it’s great news and far different from last year,” said CNC Board Chair Bruce Sutherland. “The increase made a huge difference to us in being able to maintain all classes and student services for next year.”
The college’s operating budget for 2009/10 will be $47.1 million, an increase of almost $3 million over last year’s $43.7 million. It includes an increase of almost $1 million in funding from the Industry Training Authority, which came just after last year’s budget was finalized.
The $1.9-million operating grant increase will cover negotiated salary increases, targeted funds for additional trades and health programs and a $400,000 grant for the Aboriginal Service Plan, which was announced earlier this week. There is also a general grant increase of $683,445 in non-targeted funding.
The college’s research forest is estimated to bring in about $300,000 in revenue next year, which also helped erase the shortfall.
“We were bracing for a $1.1-million shortfall earlier in the year, so this additional funding, especially the non-targeted funding, is extremely helpful in allowing us to balance the budget,” said Penny Fahlman, CNC’s vice-president of finance and administration.
CNC President John Bowman predicted earlier this week that the college will also see a five-to-seven-per-cent increase in enrolment next year – or about 300 students – which will also help with tuition revenue.
CNC’s enrolment for 2007/08 was 3,439 FTE students, up from 3,083 FTEs in 2004/05. The number does not include about 150 FTE International Students.
Bowman added, however, that a number of reductions to expenditures were still necessary, including spending on administration, equipment, travel, facilities, casual staffing costs and not backfilling some positions when employees are on various forms of leave.
CNC has also requested funding for additional trades courses and is waiting to hear from the Industry Training Authority.
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Posted by: He speaks on March 27 2009 6:11 PM