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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.

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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
Economists like pictures and graphsSome dots and a triangle…


“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.)


We know that nationally times have been unprecedented
We know that nationally times have been unprecedented…

GDP Declines During Postwar Recessions

(peak-to-trough percent change; date is year of peak quarter)


And kentucky has not been immune to those impacts
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


Kentucky Economy:

Mining 1% of our jobs

Mining and Logging employment (in thousands)

Jun 2009

25.7 (p)

p: preliminary


Kentucky Economy:

Manufacturing – Our Bread and Butter

Manufacturing employment (in thousands)

Jun 2009

207.0 (p)

p: preliminary


Kentucky Economy:

Construction Jobs – Generally Cyclical

Construction employment (in thousands)

Jun 2009

68.8 (p)

p: preliminary


Kentucky Economy:

Education/Health Services vs. Manufacturing – Then/Now

Education and Health Services employment (in thousands)

Jun 2009

248.1 (p)

p: preliminary


Leisure and Hospitality employment (in thousands)

Jun 2009

173.4 (p)

p: preliminary


We kentucky face challenges
We (Kentucky) face challenges

  • Structural challenges

  • Big challenges

  • We will struggle for a while

  • (How is that for a forecast?)


What does this have to do with uofl
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


U of l to be premier nationally recognized metropolitan research university
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


The weak economy has an impact on Research University

us too…

Kentucky Employment Losses

State Individual Income Tax/Sales Tax

Cuts/Cuts/Cuts

9 for 9


Despite cuts and other distractions we are making progress our students
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


Despite cuts and other distractions, progress… Our Students

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


Despite cuts and other distractions we are making progress focus on translational research
Despite cuts and other distractions, progress… Our Studentswe are making progress…Focus on Translational Research

Research Funding and NIH Funding

Total grants for 1997 – 2009 - $140 M

1998 - $39 M


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


Despite cuts and other distractions we are making progress helping our community and state
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


Despite cuts and other distractions we are making progress helping our community and state1
Despite cuts and other distractions, progress…we are making progress… Helping our community and state

New arena and other construction projects

Louisville Arena

ShelbyHurst

Haymarket


Despite cuts and other distractions we are making progress but
Despite cuts and other distractions, we are making progress… but…

We have far, far more to do despite the challenges!


Our 7 strategies to achieve mandates given fiscal environment
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)


And so
And so… Environment

  • $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


Dataseam Environment – avoiding new costs

Note: Five cancer drugs are on the way to clinical trails.


Underperforming assets
Underperforming Assets Environment

  • Examples –

  • Reynolds Metals

  • Stoddard Johnson

  • Shelby Campus


Ramping up Giving Environment

$95,000,000

$86,571,870

$64,476,596

$61,511,069

$51,367,489

$42, 434,018

$36,382,594

$42,382,805


Building clinical income
Building Clinical Income Environment

Outpatient Center

  • “For every action, there is a reaction”

  • Our theory – pie bigger

  • Others disagree – zero sum


Enhanced food service
Enhanced food service Environment

Our Partnerships

Student Housing – The Province

Siemens Energy Audit


Being creative our tax increment financing district tif
Being Creative – EnvironmentOur 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


So let s wrap up
So let’s wrap up… Environment

  • 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?


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

2007


Changing priorities
Changing Priorities Environment



Questions comments
Questions? EnvironmentComments


Education pays
Education Pays Environment


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