Kristine Morrissey tells the board not to expect more record budget surpluses following changes to government policy restricting international students coming to Canada
Owing largely to an influx of international students, Cambrian College reported a record surplus of $41 million for its 2023-2024 financial year, but the college’s president warns this kind of windfall won’t last.
“As we weather the storm over the next couple of years to figure out what our constant international enrolment will end up being, we've got money set aside for those purposes,” Morrissey said. As stated above, Cambrian is ending the financial year with a surplus of $41 million. That’s compared to a surplus of $18 million a year before.Meghan Roy, Cambrian’s director of financial services, said this was mainly due to increased international enrolment both on the college’s Sudbury campus and through its Hanson Canada sites in the GTA.
The college's partnership with Hanson, a private college offering Cambrian programming to international students, is now winding down following changes to government policy. Roy said the “most significant increase is in the international activities line and includes the payments related to enrolment at our private partner.”
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