August 1, 2025
RED FM News Desk
Conestoga College has reported a $121 million surplus in its 2024–25 annual report, attributing the unexpected positive balance to “careful planning” and “responsible financial management,” according to associate director Erika Kastner. The surplus comes despite significant challenges, including staff cuts, program suspensions, and a drop in international student enrollment.
However, the college has cautioned that it expects to face a deficit in the 2025–26 fiscal year. The warning follows the federal government’s cap on international student permits, which led to a projected decrease of 20,000 students in fall 2025 enrollment. As a result, tuition revenue dropped from $682 million to $563 million.
In his message within the report, Conestoga College President John Tibbits emphasized that the institution has continued to prioritize program development, campus expansion, and improvements to student facilities, even in the face of ongoing financial pressures.
Earlier this year, in July, the college laid off 190 support staff, dismissed four senior employees, and suspended 82 programs. At the same time, Conestoga announced $145 million in capital projects aimed at long-term growth and development, including plans to expand campuses in Cambridge, Waterloo, Brantford, and Kitchener.
Notably, the annual report did not mention the new downtown Guelph campus at 130 Macdonell Street, which had been scheduled to open in September 2025.
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