Radford College has revealed a more than $500,000 deficit for last year after a "difficult period" as some parents dispute the need to pass on fee hikes to families.
The audited accounts for the college show a $553,857 deficit in 2025.
In 2024, the school reported a shock $840,000 deficit rather than an expected $1.7 million surplus.
A group of parents has disputed the new financial report and questioned the need to raise fees as some families have already moved their children to other schools.
Board chair Vicki Williams said the "improved deficit" was a result for work to improve financial management and reduce costs across the College.
"We know last year was a difficult period for many families," Ms Williams said.
"The results show the College is where we expected it to be and confirm the financial position that informed the board's decisions last year.
"They also provide greater clarity about where the College stands today and the work still required to support its long-term future."
Families were updated on the audited financial position in a presentation on Monday night.
Ahead of the meeting, a document was circulated with analysis from unnamed parents which claims the deficit was caused by the school borrowing money for capital works and increasing depreciation.
It claims the fee rise was not unavoidable but was the result of a choice to spend more on buildings and to pass the costs onto parents.
The College spent about $9 million on capital spending in 2025, up from $4.9 million in 2024.
This year the school raised tuition fees between 11.18 per cent and 17.88 per cent and introduced a new $1050 levy to deal with the large deficits.
The College previously said it made mistakes in its accounting and loan calculations in 2024, prompting the fee hikes and cost-cutting program.
The College board will be factoring in declining government funding, rising operating cost and legislative changes into its plan to make the College financially sustainable.
Ms Williams said while progress was encouraging, it doesn't change the longer-term sustainability challenges that prompted the board to take action last year.
"Families rightly expect us to provide an outstanding education for their children while also managing the College's finances responsibly. Our focus has been on doing both - strengthening Radford's financial position while continuing to invest in the people, programs and opportunities that make this such a special school.
"Most importantly, this is about the future. We want Radford to remain a strong and thriving school not just for today's students, but for the generations of students and families who will follow. That responsibility sits at the heart of every decision we make."
