todd- veredus asset community luncheon series
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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. - PowerPoint PPT PresentationTRANSCRIPT
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Todd-Veredus Asset Community Luncheon Series
August 19, 2009
Dr. James R. RamseyPresident
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Thank you for this opportunity
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Economists like pictures and graphsSome dots and a triangle…
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“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.)
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We know that nationally times have been unprecedented…
GDP Declines During Postwar Recessions(peak-to-trough percent change; date is year of peak quarter)
1948 1953 1957 1960 1970 1973 1980 1981 1990 2001 2008 1st Qtr 2009
2nd Qtr 2009
-6
-5
-4
-3
-2
-1
0
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and Kentucky has not been immune to those impacts
Nonfarm employment in thousands
p: preliminary
Jun. 20091,774.2 (p)
Dec. 20071,871.9
Oct. 20001,833.6
Jun. 20031,777.6
Employment 2009 = employment 1999
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Kentucky Economy: Mining 1% of our jobs
Jun 200925.7 (p)
p: preliminary
Mining and Logging employment (in thousands)
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Kentucky Economy:Manufacturing – Our Bread and Butter
Manufacturing employment (in thousands)
Jun 2009207.0 (p)
p: preliminary
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Kentucky Economy: Construction Jobs – Generally Cyclical
Jun 200968.8 (p)
p: preliminary
Construction employment (in thousands)
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Kentucky Economy:Education/Health Services vs. Manufacturing –
Then/Now
Jun 2009248.1 (p)
p: preliminary
Education and Health Services employment (in thousands)
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Kentucky Economy:Growth, but…
Leisure and Hospitality employment (in thousands)
Jun 2009173.4 (p)
p: preliminary
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We (Kentucky) face challenges
• Structural challenges
• Big challenges
• We will struggle for a while (How is that for a forecast?)
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What does this have to do with UofL?
· Postsecondary Education Improvement Act (1997)o Public agenda
· Premier nationally recognized metropolitan universityo More educated workforceo More research
o Economic activityo Commercialization
· Boyle Report (1996) and follow up community mandateso New clusters
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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
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The weak economy has an impact on us too…
Kentucky Employment Losses
Cuts/Cuts/Cuts
9 for 9
State Individual Income Tax/Sales Tax
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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
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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
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Despite cuts and other distractions,we are making progress…
Focus on Translational ResearchResearch Funding and NIH Funding
Total grants for 1997 – 2009 - $140 M 1998 - $39 M
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Despite cuts and other distractions, we are making progress…
“from mind to marketplace”
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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
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Despite cuts and other distractions, we are making progress…
Helping our community and stateNew arena and other construction projects
ShelbyHurst
Louisville Arena
Haymarket
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Despite cuts and other distractions, we are making progress… but…
We have far, far more to do despite the challenges!
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1. Reengineer operations2. Convert underperforming assets to fully
performing assets3. Increase fundraising4. Enhance clinical income (460 physicians)
• PPP• University of Louisville Hospital
5. Develop partnerships6. Improve contract research/commercializing7. Being creative (e.g. TIF)
Our 7 Strategies to Achieve Mandates Given Fiscal Environment
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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
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Dataseam – avoiding new costs
Note: Five cancer drugs are on the way to clinical trails.
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Underperforming Assets
Examples –
• Reynolds Metals
• Stoddard Johnson
• Shelby Campus
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Ramping up Giving
$42,
434
,018
$36,
382,
594
$42,
382,
805 $6
4,47
6,59
6
$61,
511,
069
$51,
367,
489
$86,
571,
870
$95,
000,
000
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Building Clinical Income
Outpatient Center
“For every action, there is a reaction”
• Our theory – pie bigger• Others disagree – zero sum
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Enhanced food service
Our Partnerships
Student Housing – The Province Siemens Energy Audit
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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
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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?
So let’s wrap up…
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Education Pays Per Capita Income in All 50 States v. Adults with
Bachelors Degrees or Higher - Data for 2007
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
15% 20% 25% 30% 35% 40%
2007
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Changing Priorities
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Students or Inmates?
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Questions?
Comments
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Education Pays