Okanagan College (OC) is preparing to submit its final financial numbers to the provincial government for the upcoming fiscal year and projections for the year ahead, all while facing a massive deficit.
On Thursday, March 13, OC president Neil Fassina released a message to all OC employees highlighting the operational budget for both the current and upcoming fiscal year, as well as a look into next year's enrolment, and outlined the work that needs to be done in light of the $8.3 million deficit the college is currently facing in 2025-26.
Fassina stated that the college has identified opportunities that will offset some of the revenue loss and will be moving forward with workforce adjustment processes.
"We know that even as we implement changes, savings will not be realized immediately," he said. "In some cases, there are one-time costs associated with actions that we are taking."
Federal policy changes introduced last year have continued to play a significant role in the decrease of international students not only at OC but across the country, according to Fassina. The decline will have a larger impact in the 2025-26 fiscal year than the current year, thanks to in-year department and program adjustments.
OC is projecting a balanced budget position at the end of the current fiscal year.
The college is currently projecting a $13.4 million decline in revenue in 2025-26, due in large part to a decline in international student tuition which has put increasing pressure on the budget. Fassina said that it is too early to tell how big of a decline there will be in international student enrolment for the next fiscal year, but the college has set a planning parameter that anticipates approximately half as many international students will be at OC next year.
"Closer to the Fall 2025 semester, we will have a better understanding of how accurate this planning parameter is and will be able to provide an update on the financial impacts," Fassina said. "It continues to be a priority across the college to review our operations from an enrolment lens, and this work will be ongoing in all programs and departments in the months ahead."
Colleges are required by legislation to balance their budgets, and running one requires government approval. OC is working closely with the Ministry of Post-Secondary Education and Future Skills to determine its next steps.
"If we run a deficit in 2025-26, it will be within the context of a multi-year plan to return to a balanced financial position as soon as possible," Fassina stated.
Fassina also stated that OC is committed to its students, staff and communities.
"While this is a time of uncertainty in many ways, it is important we remember what is not changing," he said. "Okanagan College plays a critical role across our region, and we are committed to continuing to serve students and communities by providing access to post-secondary education and training programs."
This announcement comes after , to the college鈥檚 public blog regarding the more than 30 employees who work in Okanagan College's arts and foundation programs and the School of Business being advised that their positions are at risk of being eliminated later this year.
Fassina said it's important to understand that the message is not a layoff notification and that there is no immediate impact or change to the notified employees鈥� positions at OC.
