socioeconomic impact of tri-county technical college
TRANSCRIPT
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socioeconomic impact of
Tri-County Technical
College
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Investment Analysis• Student perspective
• Social perspective• Taxpayer perspective
Regional Analysis• College operations spending• Student spending• Past student productivity
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c o l l e g e o p e r a t i o n s
s t u d e n t s p e n d i n g
p a s t s t u d e n t p r o d u c t i v i t y
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• Direct income of faculty and staff
• Associated multiplier effects
• Net of alternative use of funds
c o l l e g e o p e r a t i o n s
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$20.0 millionnet contribution to regional income
c o l l e g e o p e r a t i o n s
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• Spending by students from outside the region
• Associated multiplier effects
s t u d e n t s p e n d i n g
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$390,900net contribution to regional income
s t u d e n t s p e n d i n g
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• Higher income of students still active in the workforce
• Associated multiplier effects
p a s t s t u d e n t p r o d u c t i v i t y
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$253.4 millionnet contribution to regional income
p a s t s t u d e n t p r o d u c t i v i t y
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s t u d e n t p e r s p e c t i v e
s o c i a l p e r s p e c t i v e
t a x p a y e r p e r s p e c t i v e
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• Benefits—present value of increased future income
• Costs—tuition, fees and opportunity cost of time
s t u d e n t p e r s p e c t i v e
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Costs $51.7 million
Benefits $312.8 million
s t u d e n t p e r s p e c t i v e
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21.3%return on investment
s t u d e n t p e r s p e c t i v e
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6.04benefit/cost ratio
s t u d e n t p e r s p e c t i v e
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A s s o c i a t e s D e g r e e g r a d u a t e s w
i l l . . .
than someone with no HS diploma or GED
earn $9,600 more
• Earn an average of$34,400 per year, 38.7%more than someone with no HS diploma or GED
• Over their future careers,
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• Education is statistically correlated with improved lifestyles
• This translates into medical, crime and unemployment savings to taxpayers
s o c i a l p e r s p e c t i v e
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Medical $964,200Crime $795,600Unemployment $197,300
$2.0 millionannual savings
s o c i a l p e r s p e c t i v e
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• Benefits—added tax revenue and avoided costs to government
• Costs—state and local government funding
t a x p a y e r p e r s p e c t i v e
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Costs $20.9 million
Benefits $69.3 million
t a x p a y e r p e r s p e c t i v e
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14.7%return on investment
t a x p a y e r p e r s p e c t i v e
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3.31benefit/cost ratio
t a x p a y e r p e r s p e c t i v e
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So what does all
this mean?
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Tri-County Technical
College
• Enriches the lives of students
• Contributes to the growth of the economy
• Reduces the demand for social services
• Generates government revenue
• Increases students’ lifetime income
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