With four months remaining in the college's fiscal year, St. Clair is on target to complete 2020-21 with a budgetary surplus of approximately $35 million.
Chief Financial Officer Marc Jones revealed that projection during the January 26th meeting of the college's Board of Governors, as he reviewed the school's accounts as of the end of November.
Compared to the previous, six-months-long review presented to the Board, the projected year-end surplus is now $10 million higher, thanks (in large part) to bolstered enrolment in January (see separate story about the President’s report to the Board).
(The college, like the provincial government, operates on a fiscal year beginning on April 1 and ending on March 31.)
As of the end of November, the college has "actually" taken in $139.7 million of the $246.1 million in total revenue initially forecast for the year.
Also as of the end of November, it has "actually" spend $128.7 million of the $220.8 million in total expenditures which had initially been projected for the year.
Thus, as of the end of November, the college currently sits in a surplus position of $11.1 million – about $8 million higher than the same period in 2019-20.
Additional revenues generated during the remaining four months of the year - including provincial government grant-funding, and tuition from enrolment in Winter semester programs (including new students in the dozen or so programs that feature a January intake) - coupled with ongoing expenditure controls in all departmental operations will lead to the achievement of all of the original budgetary numbers ... including an anticipated year-end surplus of approximately $35 million.
The update report presented by Jones (overview on the graphic which accompanies this story) shows that the most severe revenue losses (ancillary revenue in the college's non-academic, "commercial" enterprises, such as pandemic-lost event-staging at the Centre for the Arts) are almost equally offset by cost-controls in salary-and-benefits and ancillary-operations.
Although the graphic in question indicates a projected year-end surplus of $25 million, Jones clarified that figure in his oral report during the Board meeting, saying that more recent analysis merited a bumping up of the forecast.
SEE THESE OTHER BOARD OF GOVERNORS MEETING STORIES:
Updates from the President: http://stclair-src.org/news/need-know-news/pandemic-or-not-enrolment-grows
The college’s ever-increasing involvement in Research and Development: http://stclair-src.org/news/need-know-news/college-delves-rd
Despite the pandemic, the college remains active in the life of the community: