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News Clips 02/14/2013
Broward College economic impact $1 billion per year, study finds
Source: Sun Sentinel, 02/13/13
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By Doreen Hemlock
Broward College produces an economic impact of roughly $1 billion per year, mainly from helping boost incomes for students and thereby expanding economic activity in the area, a new study has found.
The college provides a "sound investment" for taxpayers, adding to the local tax base and reducing demand for government-funded social services such as unemployment insurance, the research found.
Consulting group Economic Modeling Specialists Inc. of Idaho conducted the study on Broward College, analyzing data for the 2010-11 school year.
For students, it found every dollar invested in Broward College results in a cumulative $6.20 real return in higher future income over their working careers. The payback period is 10 years.
For taxpayers, every dollar of state and local tax money invested yields a cumulative $12.90 in benefits, based on added taxable incomes and avoided social costs, the study said.
Those results were better than even some college executives had expected.
"I think sometimes people don't stop to consider a college as a true economic partner," Tom Olliff, the college's senior vice president for administration said Tuesday. "We see ourselves as arm-in-arm with the community, especially business, to establish a better future."
The report detailed Broward College's reach in 2010-2011 school year. Among highlights:
•The school had $277 million in revenue, with about 15 percent from tuition and fees, 31 percent from state funds, 41 percent from federal funds and 13 percent from other sources.
•It employed 3,525 full-time and part-time faculty and staff, with a combined payroll of $134.8 million, plus $123.1 million in outlays on supplies and services.
•It enrolled 64,102 credit students and 3,546 non-credit students. The students are 58 percent female and 71 percent non-white minorities. Their average age is 22.
•Of its students, 67 graduated with its new bachelor's degrees, 5,222 with associate degrees and 374 with certifications. Another 18,527 were in continuing education not aimed at credentials.
•About 71 percent of students stay in Broward and 9 percent in the state. About 20 percent leave Florida.
Education pays. The expected annual income in Broward for a worker at the midpoint of their career depends on their diploma. For those with less than a high school degree, that income is $19,700; high school or equivalent, $30,600; associate's, $41,600; bachelor's, $59,400; and master's degree, $71,600, the study found.
The study comes as the Washington, D.C.-based Aspen Institute this fall named Broward College one of the top 10 community colleges in the country.