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Todd- Veredus Asset Community Luncheon Series

Todd- Veredus Asset Community Luncheon Series. Dr. James R. Ramsey President. August 19, 2009. Thank you for this opportunity. Economists like pictures and graphs Some dots and a triangle…. “It was the best of times, It was the worst of times.” - Charles Dickens.

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Todd- Veredus Asset Community Luncheon Series

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  1. Todd-Veredus Asset Community Luncheon Series Dr. James R. Ramsey President August 19, 2009

  2. Thank you for this opportunity

  3. Economists like pictures and graphsSome dots and a triangle…

  4. “It was the best of times, It was the worst of times.” - Charles Dickens (Let’s not even think about wind, ice, flood, neurosurgery, coaches, etc.)

  5. We know that nationally times have been unprecedented… GDP Declines During Postwar Recessions (peak-to-trough percent change; date is year of peak quarter)

  6. and Kentucky has not been immune to those impacts Nonfarm employment in thousands Dec. 2007 1,871.9 Oct. 2000 1,833.6 Jun. 2009 1,774.2 (p) Jun. 2003 1,777.6 Employment 2009 = employment 1999 p: preliminary

  7. Kentucky Economy: Mining 1% of our jobs Mining and Logging employment (in thousands) Jun 2009 25.7 (p) p: preliminary

  8. Kentucky Economy: Manufacturing – Our Bread and Butter Manufacturing employment (in thousands) Jun 2009 207.0 (p) p: preliminary

  9. Kentucky Economy: Construction Jobs – Generally Cyclical Construction employment (in thousands) Jun 2009 68.8 (p) p: preliminary

  10. Kentucky Economy: Education/Health Services vs. Manufacturing – Then/Now Education and Health Services employment (in thousands) Jun 2009 248.1 (p) p: preliminary

  11. Kentucky Economy: • Growth, but… Leisure and Hospitality employment (in thousands) Jun 2009 173.4 (p) p: preliminary

  12. We (Kentucky) face challenges • Structural challenges • Big challenges • We will struggle for a while • (How is that for a forecast?)

  13. What does this have to do with UofL? • Postsecondary Education Improvement Act (1997) • Public agenda • Premier nationally recognized metropolitan university • More educated workforce • More research • Economic activity • Commercialization • Boyle Report (1996) and follow up community mandates • New clusters

  14. U of L to be Premier Nationally Recognized Metropolitan Research University Our Mandates 1997 Post Secondary Education Improvement Act 1996 Boyle Report 1998 – 2008 “Challenge for Excellence” “We met Challenge” 2020 Plan

  15. The weak economy has an impact on us too… Kentucky Employment Losses State Individual Income Tax/Sales Tax Cuts/Cuts/Cuts 9 for 9

  16. Despite cuts and other distractions, we are making progress… Our Students • Freshman class average ACT • 2008 – 24.4 • 1998 – 21.8 • State avg. – 20.8 • National avg. – 21.2 • More students from • outside Jefferson • County than inside

  17. Despite cuts and other distractions, we are making progress… Our Graduates • 1998 – 1,734 degrees awarded • 2009 – 2,428 degrees awarded • Up 40% (694 students) since beginning of reform • Graduation rate increased over 50% • 7 Fulbright Scholars in 2009

  18. Despite cuts and other distractions,we are making progress…Focus on Translational Research Research Funding and NIH Funding Total grants for 1997 – 2009 - $140 M 1998 - $39 M

  19. Despite cuts and other distractions, we are making progress… “from mind to marketplace”

  20. Despite cuts and other distractions, we are making progress…Helping our community and state • The Conn Center for Renewable Energy Research and Environmental Stewardship • Argonne National Laboratory

  21. Despite cuts and other distractions, we are making progress… Helping our community and state New arena and other construction projects Louisville Arena ShelbyHurst Haymarket

  22. Despite cuts and other distractions, we are making progress… but… We have far, far more to do despite the challenges!

  23. Our 7 Strategies to Achieve Mandates Given Fiscal Environment • Reengineer operations • Convert underperforming assets to fully performing assets • Increase fundraising • Enhance clinical income (460 physicians) • PPP • University of Louisville Hospital • Develop partnerships • Improve contract research/commercializing • Being creative (e.g. TIF)

  24. And so… • $105 million in cuts, savings and efforts to find money to move forward • Big things • Refinanced debt • Self-funded health insurance • Little things • Washing windows • Power-down vending machines

  25. Dataseam – avoiding new costs Note: Five cancer drugs are on the way to clinical trails.

  26. Underperforming Assets • Examples – • Reynolds Metals • Stoddard Johnson • Shelby Campus

  27. Ramping up Giving $95,000,000 $86,571,870 $64,476,596 $61,511,069 $51,367,489 $42, 434,018 $36,382,594 $42,382,805

  28. Building Clinical Income Outpatient Center • “For every action, there is a reaction” • Our theory – pie bigger • Others disagree – zero sum

  29. Enhanced food service Our Partnerships Student Housing – The Province Siemens Energy Audit

  30. Being Creative – Our Tax Increment Financing District (TIF) Health Science Campus and Life Sciences Center • Over the next 30 years this economic development will yield: • 8,700+ jobs • $668M in payroll taxes

  31. So let’s wrap up… • We have been and will be challenged, but we (all of us) must stay intensely focused! • 4 keys to Kentucky’s future • Education • Education • Education • Education • Why?

  32. Education Pays Per Capita Income in All 50 States v. Adults with Bachelors Degrees or Higher - Data for 2007 2007

  33. Changing Priorities

  34. Students or Inmates?

  35. Questions?Comments

  36. Education Pays

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