Capilouto1LEXINGTON, Ky. (11/22/13) – University of Kentucky President Eli Capilouto testified before the General Assembly's Interim Economic Development Committee during their meeting Thursday afternoon, regarding the economic impact UK has on the Commonwealth.

Approximately $284 million is poured into UK from Kentucky annually, said Capilouto during his presentation, which makes up a little more than 10 percent of the university's overall revenue.

“Our capacity to carry out our mission begins with you,” said Capilouto to the committee. “Everything we do here is built upon the $284 million of state appropriations.”

Capilouto highlighted what comes from those state and taxpayer dollars, including a $2.7 billion academic and research enterprise, a $1 billion hospital and Markey Cancer Center, a statewide cooperative extension network, and a self-sustaining collegiate athletics program.

UK is also the largest employer in Lexington and the second largest employer in the Commonwealth, said Capilouto. That's ahead of Toyota, Humana, Ford and G.E. UK employees 12,188 full-time employees, which generates $26.7 million in local payroll tax for Lexington and Fayette County Public Schools along with almost $52 million in state payroll tax revenue.

He added that UK has produced more than 5,000 graduates annually over the past decade, and 6,000 during the 2011-2012 year alone. More than 105,000 UK alumni currently reside in Kentucky. In addition, 86 percent of UK graduates are living in Kentucky five years after their graduation. That includes 52 percent of students UK attracts from out of state.

“We've helped develop a critical concentration of technology, healthcare and education that thrives here in central Kentucky through the partnership of our talented faculty and staff, the resources we are able to attract through collateral businesses and industry, and through the graduates that we prepare,” said Capilouto. “I like to say that the economic engine of Kentucky is wherever a graduate of the University of Kentucky resides and works.”

Capilouto also outlined renovations and new additions to the campus, including residence halls, a $65 million renovation to the Gatton College of Business and Economics, a new academic science building and renovations to Commonwealth Stadium.

He ended the testimony by expressing deep gratitude to the committee.

“I hope you have great pride in what we're doing, because you have a strong hand in it,” said Capilouto. “We are an institution with incredible momentum … It is a lot to be proud of and we are so so grateful for you giving us the opportunity to serve our state in these many ways.”

David Gillum
SurfKY News
Image provided by uky.edu

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

In Other News...

Owensboro Health Adds Internal Medicine Practice

OWENSBORO, Ky. (7/1/15) – Longstanding physician Jeffrey S. Hofer, MD, has joined Owensboro Health and its One Health… Read More

July 4th Holiday Enforcement

HENDERSON, Ky. (7/1/15) — The Kentucky State Police Post 16-Henderson wants to remind motorists to celebrate this… Read More
1 DOW 17,757.91
+138.40 (0.79%)    
2 S&P 2,077.42
+14.31 (0.69%)    
3 NASDAQ 5,013.12
+26.26 (0.53%)    

Most Read This Week

July 02, 2015 7969

Emergency Response Team on Scene of Standoff on…

by Doreen Dennis, SurfKY News
June 25, 2015 4453

Accused Synthetic Drug Traffickers Remain in U.S.…

by Doreen Dennis, SurfKY News
June 29, 2015 4394

UPDATE: Victim of Home Invasion/Homicide Died of…

by SurfKY News
June 28, 2015 3399

'Curb Service’ at Local Eatery Ends with DUI…

by Doreen Dennis, SurfKY News
June 29, 2015 3334

Alleged Breast Display Ends in Domestic Assault…

by SurfKY News

Most Read This Month

June 24, 2015 44874

Western Kentucky, Southern Indiana's Largest…

by Doreen Dennis, SurfKY News
June 19, 2015 11265

Hopkins County Health Department Food Scores Thru…

by Barry Franklin

Stories Trending Now

July 02, 2015 7969

Emergency Response Team on Scene of Standoff on…

by Doreen Dennis, SurfKY News
June 29, 2015 3328

Accused Synthetic Marijuana Traffickers Appear in…

by Doreen Dennis, SurfKY News
June 30, 2015 3247

Earlington Man Faces Multiple Charges after…

by SurfKY News
July 01, 2015 2010

Police Seeking Public Help in Locating Subject…

by SurfKY News
June 30, 2015 1385

Hope2All Food Bank Opens in Drakesboro

by Tammy Holloway, SurfKY News
June 30, 2015 1359

KRS Accounting Fraud Created Pension Crisis

by Dr. William F. Smith
June 30, 2015 1255

Madisonville Police Arrest Reports Released -…

by SurfKY News
July 01, 2015 1080

Two Vehicle Collision Sends One to Hospital

by SurfKY News
June 30, 2015 995

Another ‘Welcomed’ Sign

by Rita Dukes Smith, SurfKY News Director
July 01, 2015 984

Goodman Revival Fills 'Praise in the Park' with…

by Tammy Holloway, SurfKY News