Minister of Education Terry Lister tabled the financial statements and reports from the Bermuda College for 2000 ? 2002 in the House of Assembly.

Mr. Lister said that in 2000 enrolment declined slightly from 703 students to 628 students and the number of graduates for that year declined to 105.

And in 2000 Government increased its grant to $11.48 million. However, during this year, the College?s finances were encumbered with the increased expenses of Stonington Beach Hotel, which was experiencing operational challenges, said Mr. Lister.

He added that in 2001, President George Cooke retired and Dr. Larita Alford became Acting President.

?The report indicates the Board tackled two major issues. Firstly, redefining its mission as a community college and secondly, examining the solutions for restoring profitability to the loss-making Stonington Beach Hotel.

?Despite increased revenues from tuition and fees, the cash position of the College eroded and an overdraft facility was necessary to fund the hotel operations over the slow winter season and is reflected on these financial statements in the amount outstanding of $204,273,? said Mr. Lister.

He added that in 200002 several significant activities at the college included a refocus by the Board to position the college as a community college, appointment of a new president, Dr. Michael Orenduff, an external analysis and audit of the College, re-energised and strengthened relationship and partnership with the National Training Board, as well as undertaking a tender process to seek management proposals for Stonington Beach Hotel Limited.

During this year, the operating grant advanced from the Government was increased to $12.658 million, said Mr. Lister.

In June 2001 there were 109 graduates ? up four from the previous school year.

In 2001 three new articulation agreements were signed with overseas institutions so that students could further their studies to the Bachelors degree level at Wheelock College, Hampton University, and St. George?s University