College adds construction program, drops rail signals

NEWS RELEASE SAULT COLLEGE

******************** Much-improved financial position

Following a year of significant belt-tightening, Sault College has turned the corner financially.

At its regular monthly meeting last evening, the institution’s board of governors approved draft audited financial statements for the fiscal year ended March 31, 2005.

The statement of operations shows a surplus of $3,110,339.

That total is based on revenues of $38,976,972 and expenses of $35,866,633.

"This provides some wonderful news," said board chair Jim Boniferro. "There has been a significant improvement in the college's position."

President Timothy Meyer commented from a management perspective. "We viewed 2004-05 as a transition year. We have moved from a position of reaction to a position of response. This year (2005-06) allows us to move to larger considerations of what Sault College will be in the future."

Returning to 2004-05, Meyer said: "We needed to maintain a conservative approach given uncertainties about what the provincial government’s position would be. We are very pleased to have transitioned ourselves by managing all of our risks."

The president added that management believes the Ontario government's reinvestment in postsecondary education will eliminate most, in not all, of the college's in-year operating deficit for 2005-06.

In March, the board approved a new budget that included an estimated in-year deficit of just under $2 million.

The college has not yet received actual 2005-06 allocations that will flow from last month's provincial budget.

Meyer said a stronger financial position is helping the college to pursue new partnership opportunities that will benefit the community.

In other news, the college will be running a new pre-apprenticeship construction craft worker program this fall.

Fifteen students are expected to enrol in the 29-week program.

It will prepare entry-level workers for employment in the Sault's busy construction sector.

Sault College has also received Ministry of Training, Colleges and Universities approval to offer a new field naturalist program this fall.

It will be among 10 new offerings.

Governors also suspended the railway signals and communications program for fall 2005.

Concerted marketing efforts by the college and industry have not attracted sufficient application interest for a new intake of students in 2005-06.

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