Cambrian goes from $500K deficit to $760K surplus

Thanks to strong enrolment figures, Cambrian College's financial fortunes have seen something of a turnaround.

When the college's 2014-2015 financial year began March 31, it was projecting a $500,000 deficit.

But according to a mid-year budget review presented at the college's Dec. 4 board of governors meeting, financial staff are now projecting at $761,371 surplus for this financial year.

That's largely due to a spike in enrolment, said Cambrian's new president, Bill Best.

According to a press release put out by the college in September, the number of students applying to the college has spiked over the past 12 months by more than 10 per cent, while the provincial average has dropped 0.9 per cent.

Best said much of that enrolment growth comes from Cambrian's international students, who have doubled their population over the past year, Best said.

The international student enrolment growth has added just over $1 million in new revenue, although coming with that was an extra $211,881 in expenses.

“That's very good, in terms of both the internationalization of our college, but also in terms of the bottom line, and having more people enrolled at the college,” Best said.

He said the college is able to meet the needs of these new international students, although if enrolment grows much more, Cambrian will have to look at increasing services.

Best said it's “very satisfying” to see that the college's finances are on the right track.