Conestoga reports $32.8M operating deficit

Conestoga College has reportedly recorded a $32.8M operating deficit in its most recent fiscal year, according to CTV News. CTV reports that the college’s Consolidated Statement of Revenue and Expenditures showed that tuition revenue fell by 57% from $564M to $241M. In a statement, Conestoga President Norma Ewing said that “Conestoga College continues to make strategic decisions to support the long-term financial sustainability of the institution and keep delivering a world-class education that prepares students for good-paying, in-demand jobs and careers.” The college reportedly aims to reduce its operating deficit to $25M by next March.