Prince George, B.C.  -    CNC has more than a $900,000 surplus in its general operational fund from 2009/10, according to audited financial statements presented at its regular Board of Governors meeting.

 

 “The $933,718 surplus is a result of general operations expenses being less than budgeted,” CNC’s vice-president of finance, Penny Fahlman, told the board Wednesday. “That surplus will be designated to the Internally Restricted Fund and held as a contingency to fund future operational needs at the college or special projects.”

 

CNC President John Bowman cautioned that while the financial picture for 2009/10 was favourable, the college had $1.1 million slashed from its 2010/11 budget compared to 2008/09. “The college’s fiscal challenges will be far greater in 2011/12 and 2012/13 if those funding decreases continue, which will mean some significant decisions will likely be required to maintain the college’s financial stability over the same time period,” Bowman said.

 

Bowman added the college must remain vigilant about controlling unnecessary expenditures, while maintaining high-quality learning and working physical environments for both students and employees. With the addition of the 2009/10 surplus, the Internally Restricted Fund now sits at $2.7 million. “With an institution our size, we should have a surplus of around $3 million,” Bowman said.

 

CNC will see its base operating funding from the B.C. Ministry of Advanced Education for the coming year remain at the 2009/10 level of $28.5 million. The annual capital allowance (ACA) funding the college receives from the Ministry to maintain and repair its existing facilities was reduced for 2010/11 to $374,697, which is $603,938 less than the amount provided in 2009/10 and $1.1 million less than the 2008/09 allocation. As a result, many existing building maintenance and repair projects will have to be postponed or funded through other sources.