Our approved Business Plan and budget for 2024-2025 adapts to significant policy changes affecting the broader postsecondary sector, while maintaining the positive momentum that has been building at NC in recent years. Stable enrolments and continued investments in expansion and renewal at our Niagara-based campuses are the key themes in our financial plan for the year ahead. I encourage you to review the 2024-2025 Niagara College Business Plan, which is available here.
Stable international and growing domestic student enrolments
The recent provincial government announcement related to international study permit allocations, along with NC’s continued strong international brand, will result in stable international student enrolment levels over the coming year. In addition, I am very pleased to report that our recent strategic investments in enhanced marketing and recruitment in key domestic markets have yielded a notable increase in domestic student demand. Overall, the 2024-2025 Business Plan anticipates slight growth over last year’s record enrolment at our Niagara-based campuses.
The federal government’s elimination of post-graduate work permit eligibility for students at public-private partnerships will result in decreased demand at Niagara College Toronto, our partnership with the Toronto School of Management. Although not impacting our core operating budget, lower enrolments at Niagara College Toronto will result in reduced surplus contributions to our reserves for new facilities, equipment and technology.
Investing in innovation, expansion and renewal
The 2024-2025 Business Plan will support capital projects at our campuses in Welland and Niagara-on-the-Lake that will enhance student experience, support academic excellence, build community linkages and expand our ability to address labour shortages in key sectors.
At the Daniel J. Patterson Campus in Niagara-on-the-Lake, the budget supports the completion of the Horticulture and Environmental Sciences Innovation Centre (HESIC) greenhouse, and the start of construction of an expanded Wine Visitor + Education Centre and a new centre for students and alumni at the west end of the main campus building. At the Welland Campus, the budget will fund the creation of an outdoor sports field and recreation spaces, and the start of construction of a significant Applied Health building expansion. We will also continue to move forward with our on-campus residence expansion plans in 2024-2025. Watch for further updates on these many exciting projects in the weeks ahead!
The budget will also continue to fund Project Refresh, which includes upgrades in technology, furniture and design in classrooms and common spaces.
Now in its third year, the Dream Big Fund, which provides seed funding for great ideas that support our Strategic Plan, will continue in 2024-2025. To date, Dream Big has provided more than $2 million to fund a remarkable range of innovative projects across the college.
Continued revenue diversification
Diversification of our revenue sources remains an important strategy for us, and we will continue to leverage our expertise in program development and delivery to identify new revenue streams here in Niagara and around the world. We’ll continue to develop responsive academic programs while capitalizing on our top research ranking in Canada to attract funding for applied research activities that are driving innovation and growth in Niagara and beyond.
As we enter the third year of our Strategic Plan, the Business Plan provides a strong financial foundation for the ongoing pursuit of our strategic goals and action items. Our biggest strength, however, continues to be our dedicated employees and our unwavering focus on students. I thank each of you for the contributions that you make every day to our continued growth and momentum, and I look forward to an extraordinary year for NC in 2024-2025.
