Conestoga College reports quarter-billion surplus in revenue for 2023/24 fiscal year
Posted Aug 6, 2024 05:26:06 AM.
Last Updated Aug 6, 2024 09:43:13 AM.
Conestoga College has reported a surplus of approximately $251 million in its consolidated financial statements for March 31, 2023, to March 31, 2024.
The college is calling it a “one-time occurrence” due to an increase in the number of international students enrolled at the school.
The college reported $944 million in total revenue, increased primarily by a jump in revenue from tuition fees, which went from $389 million in 2022/23 to more than $682 million in 2023/24.
More than 40,000 full-time students were enrolled in programs at Conestoga College in 2023/24, with more than half enrolled in Business and Hospitality, Workforce Development, Continuing Education and Online Learning programs.
In February of 2024, Conestoga College President John Tibbits said the college had 30,000 international students enrolled in programs across their eight campuses.
Despite those numbers, the college stated that the federal government’s planned cap on international students will hurt “financial planning, operational capabilities and ability to sustain current levels of growth and investment”.
