Total revenue of public colleges (including CEGEPs and polytechnics) increased by 10.5%, rising from $14.6 billion in 2021/2022 to $16.1 billion in 2022/2023. Total expenditures increased by 7.7% to $15.5 billion in 2022/2023, resulting in a total surplus of $591 million for the year. Dollar figures in this release are expressed in 2023 constant dollars to remove the effect of inflation and to enable comparisons over time.
All public health restrictions related to the COVID-19 pandemic were lifted during the 2022/2023 academic year. This enabled the full resumption of on-campus activities and ancillary operations, such as student residences, parking and food services, which contributed to the growth in college finances.
Public colleges continued to face higher operational costs in 2022/2023. The inflation rate, which went from 6.7% in 2021/2022 to 4.3% in 2022/2023, remained a major contributing factor.
While 2022/2023 saw the largest annual growth in revenue since the start of the data series, in 2001/2002, it is expected that recent changes, including a cap on international student permits and changes to the Post-Graduation Work Permit Program, will put pressure on college finances in 2024/2025 and beyond.
Contact information
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