North Island College has a balanced budget for 2025-26.
The NIC Board of Governors for the college passed the annual budget at a meeting on April 17.
"With so many economic questions right now, the college faced a large task in working toward a balanced budget," said Patricia Trasolini, chair of the NIC Board of Governors.
The annual budget the board was presented is balanced despite fiscal challenges resulting from federal government policy changes last fall for international students. This led to enrolment reductions at post-secondary institutions across the country.
"Getting to a balanced budget required the college to make some difficult choices," said Colin Fowler, Vice-president, Finance & College Services. "As a small college that serves a geographically large region, fiscal sustainability will always be an important pillar to the success of North Island College."
Overall, the $67.1 million budget includes reduced costs of $3.0 million, which resulted in some reduced programming and staffing levels.
Post-secondary institutions are required to pass balanced budgets under the College and Institute Act and the Budget Transparency and Accountability Act.
A goal in NIC's current strategic plan, BUILD 2026, was to pass a balanced budget within three years of the end of the pandemic, a goal that was reached last fiscal year.
