Conestoga college reports nearly $252 million surplus
CTV
Conestoga College has reported a surplus of $251,646,838 this year and, according to financial statements, the Kitchener, Ont. school more than doubled last year’s surplus.
Conestoga College has reported a surplus of $251,646,838 this year and, according to financial statements, the Kitchener, Ont. school more than doubled last year’s surplus of $106,220,863.
Michael Harris, a Region of Waterloo councillor, said profit isn’t what public post-secondary education should be about.
“Running a surplus of $252 million is sizable. And we all know really the underlining reason why that is,” he added. “It's the international student component and the excessive enrollment of international students.”
Conestoga College told CTV News that no one was available for an interview, but in an email they confirmed the surplus can be attributed to an increase in the international student population.
“A surplus of this size is a one-time occurrence, and will be less next year as a result of the international student cap,” the email stated.
Full-time enrollment at the school increased from more than 24,000 last year to more than 40,000 this year.
According to the Ministry of Immigration, Refugees and Citizenship Canada, over 14,500 new study permits were approved for Conestoga College last year.
