Algonquin College board approves budget with $34.8M deficit

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The board of governors at Algonquin College has approved dipping deep into reserves to cover off a projected $34.8 million deficit and pass a balanced budget.

Algonquin forecasts spending $479 million this fiscal year, which started April 1, and bringing in $444 million in revenues. 

It expects to spend about $50 million less than the year before — a year that saw record revenues and started out with projected spending of $564 million last spring.

It's all due to a quick reversal in enrolment trends at the Ottawa-based college and at other public colleges around Ontario.