All Bermuda College students will be charged full tuition from the beginning of the next tuition year.

The announcement was made by Education Minister Wayne Scott yesterday as he tabled financial statements from the college.

“It should be noted at this point that commencing the fall of 2015 academic session, the Bermuda College will revert to charging full tuition for all students,” he said.

Mr Scott brought the 2010 to 2012 audited financial statements to the House of Assembly yesterday and told MPs that outstanding audits up to 2015 should be completed by March 2016.

He added: “For the audited year ending March 31, 2012, the financial statements indicate that the Bermuda College has total assets worth $28,683,985 and total liabilities of $23,430,570.

“As there has been no major capital investment on campus, capital assets continue to decrease.

“However, cash and cash equivalents increased by $441,094 in 2012 as a result of the change from free tuition to discounted tuition.

“Members of this House will also note that the statement of operations for the year ending March 31, 2012, reflect a deficiency of revenue over expenses by $111,880.

“This is a direct result of a decrease in the Government grant.”

Mr Scott told the House that the Bermuda College and the Office of the Auditor General had worked “assiduously” on updating the audits over the past year.

The audit file for 2013 is with the Office of the Auditor General and now that the 2012 audit has been completed, Bermuda College has closed the 2012 accounts and is working on completing the 2014 audit file.