The college anticipates climbing international enrolment – and, thus, another healthy financial year – in 2019-20, according to the budget presented by the school’s administration to the Board of Governors (BofG) during its March 26th meeting.
The financial plan for the new fiscal year (beginning April 1) was presented to the Governors by Chief Financial Officer Marc Jones.
At the end of fiscal 2018-19 (March 31), Jones was anticipating a year-end surplus of approximately $10.5 million (minimum, probably more), from revenues of $182.7 million offset by expenditures of $172.2 million. (Those numbers will be confirmed by the summer-time audit.)
In 2019-20, Jones expects revenues to jump to $188.2 million, and expenditures to $177 million … for a projected year-end surplus of just over $11 million.
Again in the coming year, tuition from international students will be the college’s single largest source of revenue. That enrolment sector is expected to jump by 17.7 percent (711 students) above 2018-19 numbers. That population hike, coupled with an increase in international tuition rates, will generate almost $71.8 million in revenue – up from $57.6 million in 2018-19.
International tuition revenue now far exceeds all provincial and federal funding grants combined. Indeed, according to the budget, most of the basic operating grants from the (provincial) Ministry of Training, Colleges and Universities are expected to continue their chronic decline in the coming year, dropping by $5.2 million (11.2 percent) to $46.6 million.
Enrolment from domestic (Canadian) students, meanwhile, is expected to dip too. Although the enrolment of such students may remain the same at about 7,600 individuals, the provincial-government-dictated, ten percent tuition reduction will see revenues from that source decline from $26.5 million (2018-19) to $24.3 million in the coming year.
On the expenditure side … As usual, the lion’s share of costs associated with the college’s operation (or that of any business or institution, for that matter) involves salaries, wages and benefits. Of the total projected, 2019-20 expenditures of $177 million, $96.2 million of that (54.3 percent) is tied to paying full- and part-time administrators, faculty and support staff. That comprehensive human resources cost is up 2.6 percent from 2018-19’s $93.7 million.
Jones also included a two-years-long “peek ahead” with the budget, forecasting the financial pictures for 2020-21 and 2021-22.
In 2020-21, the prediction is for $190 million in revenue and $179.6 million in expenditure – so, a surplus of $10.4 million.
In 2021-22, revenue is forecast at $193 million and expenditure at $182.4 million – another surplus of approximately $10.5 million.
SEE ANOTHER BOARD OF GOVERNORS STORY, ABOUT A NEW COLLEGE RESIDENCE: http://stclair-src.org/news/need-know-news/second-rez-planned-windsor-campus
SEE ANOTHER BOARD OF GOVERNORS STORY, ABOUT THE 2018-19 PERFORMANCE OF ST. CLAIR ATHLETES: http://stclair-src.org/news/need-know-news/saints-are-champs-classroom-too
SEE THE STORY ABOUT COLLEGE STAFFING RE-ORGANIZATION: http://stclair-src.org/news/need-know-news/faces-new-places