Florida Gulf Coast UniversityFlorida Gulf Coast UniversityPresented to

The Taxation and Budget Reform Commission

Financial Overview or FGCU

Quick Facts

• State appropriations account for 73% of the student’s education with tuition covering 27%– However, the total cost (tuition + appropriations) of

education is only 59% of FGCU’s budget.– For every dollar spent by the State, another $1.53

is generated from non-appropriation revenues with $0.71 being from auxiliary operations.

– 1 out of 6 students at FGCU is currently not funded with State appropriations.

Demographics of SW Florida

Source: Florida Demographic Estimating Conference Database, updated July 2006

• Median Age – – 2000 45.6– 2005 44.6

• Bachelor’s degree or higher– 2000 21.8%– 2005 24.8%

• Median household income– 2000 $41,569– 2005 $46,832

• Median home value– 2000 $123,882– 2005 $264,341

Source: American Factfinder/U.S Census data

Impact of FGCU on SW Florida

• The overall economic importance for FY 2005-2006 was– $241 million in overall expenditures– 2,586 jobs created– $103 million in labor income.

• This means– Each dollar spent by FGCU resulted in an additional $0.70 of

expenditures for SW Florida.– Each employee hired by FGCU resulted in an additional 0.6

employees hired in SW Florida.– Each dollar of direct labor by FGCU resulted in an additional $0.50 of

labor for SW Florida.

Source: Jackson, G., FGCU: The economic community impact 2005-2006 (2007)

Conclusion

• For every dollar of state financial support for FGCU generated $4.12 in economic impact in primary market.

• SW Florida is project to almost double in the next 20 years with a greater demand on bachelor degrees and above.

• Without access to quality higher education, SW Florida’s economic engine will be substantially crippled.