Conestoga College credits 'careful planning' for its $121M surplus in annual report
College's annual report also says it will face a deficit next year
After a year of of staff and faculty layoffs, cuts to a number of its programs and lower enrolment in international students, Conestoga College has reported a $121 million surplus in its 2024-2025 fiscal year.
A statement from the college associate director of corporate communications Erika Kastner says the surplus was achieved as a "result of careful planning and responsible financial management."
"This was not without its challenges, and we continue to navigate the biggest financial crisis in the history of the Ontario public post-secondary education system," Kastner said.
"Like most other public post-secondary institutions in Ontario, Conestoga faces a fiscal deficit for 2025–26. However, through decisive action to reduce labour and operational costs, we will address these financial pressures and position the college for a stable and sustainable future."
The Canadian government's caps for international enrolment dropped 20,000 students from Conetoga's fall 2025 term.
Conestoga's numbers show that means tuition revenue of $563 million in 2024-25 compared to $682 million in 2023-24.
The college issued it's financial statement on Thursday highlighting its achievements, priorities and financial performance.
Invest in capital projects
Despite the freeze in international student enrolment and a projected deficit for 2025-2026, the college is planning to invest $145 million in capital projects.
Those investments include, according to the annual report, the second phase of the skilled trade campus in Cambridge, phase two of a campus renovation in Waterloo and the renovation of the Tollgate Technological Skills Centre in Brantford. Renovations are also planned for new programming at Doon campus in Kitchener.
All programs being offered this fall, the college says, focus on labour market needs, including health care and skilled trades.
But there's no mention in the report of a planned expansion into the former Co-operators Insurance building in downtown Guelph.
The college announced in 2023 the purchase of the building at 130 Macdonell St. with a plan to open in September 2025.
Conestoga College has also announced its moving out of the former Market Square building in downtown Kitchener and moving academic-related operations for the college to 1 Young St.
Conestoga College announced in July that four high level employees were dismissed as the school restructured and expanded the job duties of nine other senior positions at the college. As well, at least 190 support staff have been laid off at the college and the school suspended 82 programs.
Conestoga College president John Tibbits wrote in the annual report that the school is doing what it can within its current finanical situation.
"While balancing the impact of reduced international enrolment and prioritizing labour force needs, the college remained dedicated to program development, new campus expansion and sustainability measures as well as enhancement of existing facilities to serve our students and the community now and in the future," Tibbits wrote in the annual report.
"Looking back, it was still a significant year of 'firsts' for the college as we continued to chart our path forward with unique collaborations, community partnerships and learning opportunities that demonstrate our commitment to fostering growth, innovation and thought leadership."
ABOUT THE AUTHOR
