The following pages are excerpts from the College's official financial statements which were audited by Samson Belair / Deloitte & Touche, and approved by the Board of Governors on October 22, 2004.

The net result on all operations for the year was an excess of expenditure over revenue in the amount of $589,089. There were a number of non-recurring expenditures this year that contributed to this deficit, including the costs associated with the retirements of a higher than normal number of employees, and the costs of recruiting and hiring their replacements. Of the $36,901,731 in total operating expenditures, 90% is attributable to the regular day programs, the balance being expended to support adult education and auxiliary services.

On the income side, even though 89% of our funding still comes from government grants, it is significant that the balance of some $4,680,291 of revenue required to balance our budget comes from many other diverse activities such as parking, bookstores, food services, residences, and other strategic alliances.

Investment in furniture, equipment and building renovations totalled $2,133,157 compared to $2,020,191 last year. It is noteworthy that an investment of this magnitude represents a responsible commitment to technology and facilities equal to 4.9% of our net capital assets. The capital fund saw its provincially-guaranteed bank loans which finance all capital budget purchases replaced by two separate bond issues totalling $15,000,000.

Continuing Education services at St-Lambert and St. Lawrence have been very active in proposing new A.E.C. programs to their communities. Lennoxville made an additional effort to offer courses targeted to the English community of the area. These initiatives come at a time when Emploi-Québec, a major student feeder for continuing education programs, has virtually withdrawn from the market.

At year end, our operating fund cash position remained healthy at $7,555,231 due to the fact that our accumulated operating surplus stood at $2,889,958 and deferred revenue received in advance for the 2004-2005 year accounted for an additional $2,533,250. During the course of the year, we did not have to resort at any time to a line of credit to meet our obligations in the operating fund.

Overall, the College is in a good position to face the coming years' challenges to its resourcefulness and commitment to good stewardship. The senior staff of each location are to be congratulated for their prudent attention to the maintenance of facilities and the judicious management of financial affairs.