Conestoga College reports nearly $252 million 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.

That’s more than any other post-secondary institution in the country and nearly three times what Lambton College, who had the second-most study permits, was given.

This year, over 4,000 new study permits were approved for Conestoga College.

Again, it tops the list across Canada.

Conestoga’s financial statements show the college received just over $80 million in grants this year, nearly $10 million less than last year.

Revenue from tuition fees, meanwhile, almost doubled year over year, with revenues from tuition totalling $389,238,232 in 2023, rising to $682,215,177 in 2024.

The University of Waterloo, in comparison, is predicting a $75 million shortfall next year, while Wilfrid Laurier University expects a small budget surplus.

Harris, who is himself a Conestoga College graduate, said the pace of international enrolment will result in a need for more services like transit and housing.

That, in turn, could cost taxpayers more.

“Transit, emergency services and a variety of others that, frankly, the region receives no additional funding for,” Harris explained.

He's also pointed out the impact high enrolment could have on the quality of education.

“I've heard many of my constituents who have called with significant concerns, even those that work at the college,” Harris said.

Conestoga College, for its part, boasts that it has a job placement rate of 87 per cent.

The school also said that with a federal cap on international enrolment, it doesn't expect to have a similar surplus again.

The school has promised to adapt to directions from the government, but it still plans to make upgrades. It has allocated $300 to 400 million for investments in building renovations, new projects and equipment upgrades.