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Business First Editorial BoardDr. James Ramsey
President, University of Louisville
NOVEMBER 8, 2013
2
Thank you
L O U I S V I L L E . E D U
Our Trajectory – Pretty “Damn” Amazing
L O U I S V I L L E . E D U4
State Revenue Growth
Public Pensions Medicaid Debt Service Corrections/Adult Prisons
K-12 Base Higher Ed-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
10.0%
63.5%
41.9%
32.8%
15.3%
-1.0%
-14.0%
http://www.ksba.org/protected/PrintArticle.aspx?iid=50GAYB&dasi=3UBI
So, While Modest Economic Recovery, State Budget (2008-14) Continues To Be Ugly Because of Expenditure Side of Budget
L O U I S V I L L E . E D U5
The Real Issue
136,290,000
US jobsDecember 2007
137,982,000
Jobs lost in the recession
7.479 million
Jobs gained in the
recovery
5.787 million
US jobsSeptember 2013
Still 1.69m fewer people working today
http://beta.bls.gov/dataViewer/view/timeseries/CES0000000001http://www.deptofnumbers.com/employment/us/
L O U I S V I L L E . E D U6
Kentuckians working
1,745.0
1,765.0
1,785.0
1,805.0
1,825.0
1,845.0
1,865.0
1,885.0
1,846.9
1,870.6
1,814.4
1,750.6
August 2013
L O U I S V I L L E . E D U7
But there is more to itKentucky Manufacturing Employment
Why Important? WAGES!
August 2013
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
200.0
220.0
240.0
260.0
280.0
300.0
320.0
225.2
L O U I S V I L L E . E D U8
Just a little comparison
U.S. KY
Jobs Lost 7,500,000 120,000
Jobs Regained 5,787,000 96,300
% of Jobs Regained 77% 80%
L O U I S V I L L E . E D U9
Continue to face difficult state and fiscal challenges that impact our future
• Slow State General Rund revenue growth
(estimate 2013/14 is 2.5%, FY 14/15: 2.4%,
FY 15/16: 2.3%
• State’s structural budget imbalance still
exists
(more funding needed for state pensions)
Our Outlook
L O U I S V I L L E . E D U10
• Limited / if any funding for higher education• Funding, if available, tied to “performance”• Funds, if available, tied to specific initiatives; i.e.
“college readiness”• Continued pressure on modest tuition increases
Tough Fiscal Outlook to Continue
2014 - 2016
Our Outlook
L O U I S V I L L E . E D U11
1. Continuing re-engineering of processes and expense
management
2. Aggressively improving balance sheet management, with an
emphasis on converting underperforming assets
3. Increasing clinical income to support education and research
4. Increasing contract research and commercialization income
5. Creating private sector partnerships
6. Being creative in expanding the research mission through
innovative financing tools like the tax increment financing plan
7. Enhancing fund raising
“Our Seven Strategies”
L O U I S V I L L E . E D U12
Our Trajectory
1. Continue on our trajectory – 2020 Plan
2. Trajectory slows down – push out date in
2020 Plan
3. We accept where we are – flatline
4. The “unthinkable.”
Possible Paths of Future
L O U I S V I L L E . E D U13
Next step in campus discussions of “University of 21st Century”
1. “Clusters” of excellence
2. Reviewing education delivery models that are student centered
3. Look at organization/structural/financial processes
4. Build culture of excellence