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School of Medicine Alumni

School of Medicine Alumni. Dr. James R. Ramsey President, University of Louisville. October 9, 2010. I appreciate the opportunity to visit with you. Thank you…. 2. 3. A little bit on the economy. 4. We know that nationally times have been unprecedented.

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School of Medicine Alumni

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  1. School of Medicine Alumni Dr. James R. Ramsey President, University of Louisville October 9, 2010

  2. I appreciate the opportunity to visit with you. Thank you…. 2

  3. 3

  4. A little bit on the economy 4

  5. We know that nationally times have been unprecedented * Lowest level during the current recession. The next two quarters (2009: III and IV) have been positive. Sources: NBER, BEA, and BLS.

  6. National Non-Farm Employment(in thousands) 6

  7. The economy has lost momentum – but should avoid a “double dip” Accelerated growth first half of the year. Inventory build up Consumer is saving – long term a good thing Business also cautious - cost containment – not adding workers Slow/very slow recovery National Economic Thoughts

  8. Kentucky’s Budget Outlook I always start with employment in the state: People working = income - state income taxes - sales tax Sales/Income => 70% of state’s general fund 8

  9. Kentucky has not been immune to those impacts Nonfarm employment in thousands 9

  10. Kentucky Economy: Manufacturing – Our Bread and Butter (in thousands) 10

  11. So we must build new economic clusters • Healthcare/life sciences • Logistics/distribution • Advanced manufacturing • Renewable energy • Business services 11

  12. Things to note • Economic transformation slow • Education all education more important than ever (We are in this together) 12

  13. What are we doing? Seven Strategies for Moving Forward • Continuing re-engineering of processes and expense management • Aggressively improving balance sheet management, with an emphasis on converting underperforming assets • Increasing clinical income to support education and research • Increasing contract research and commercialization income • Creating private sector partnerships • Enhanced fund raising • Being creative in expanding the research mission through innovative financing tools like the tax increment financing plan 13

  14. What our state needs to do! The “Leaky” Bucket 14

  15. Kentucky Chamber of Commerce: The Leaky Bucket 15

  16. Other “Leaks” • Medicaid/health issues • Public employee pension • KTRS • KERS Defined benefit programs 16

  17. Challenges, but… To Close on a Good Note CPE/LEGISLATIVE RESEARCH COMMISSION RESPONSE TO DATA REQUESTSEPTEMBER 1, 2010 17

  18. Thank you – Tough times are not over Leadership is the key 18

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