The College of New Caledonia’s (CNC) Board of Governors has passed a budget that will maintain student services in the 2022/23 fiscal year. The college board approved the budget during a regular meeting today.
CNC will offset a $2,259,803 projected deficit with surplus funds from previous years. The budget reflects the projected ongoing impacts of the COVID-19 pandemic including flat or decreased enrolments in various program areas along with increasing cost pressures.
“In preparing the 2022/23 budget we carefully reviewed current spending and proposals to improve the college,” said Dr. Dennis Johnson, CNC President and CEO. “We want to ensure students have an exceptional experience as we provide the programs they need to succeed, take steps to boost enrolment, and modernize the college for today’s needs and tomorrow’s opportunities.”
CNC’s 2022/23 Operating Fund budget totals $71,753,928 in revenue and $73,185,734 in expenses. The overall deficit reflects:
A shortfall in the operating fund;
Lower revenue and higher costs in ancillary services (CNC’s bookstore, food services, print services and parking); and
Amortization of capital assets.
CNC will support students’ success in several ways. These include:
Equity, diversity and inclusion efforts to ensure every student is welcome, acknowledged and respected;
Funding student-focused initiatives in admissions, the college’s library, and the student services department;
IT initiatives to renew equipment and modernize classrooms with new technology;
Free menstrual products to students by funding the “Period Promise” proposal by the CNC Students’ Union; and
CNC has adjusted spending through its budget development by reviewing vacant positions and underutilized budgets as well as adjusting contingency funds.
“This budget strikes a fair balance by carefully reviewing our expenses and reallocating funds to areas of greatest need, while maintaining funding for initiatives that will continue to make CNC a first choice for students,” said CNC Vice President Finance and Corporate Services Tara Szerencsi.