Posted on 2/2/14

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 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.

Most Read This Week

October 06, 2015 4850

County Passes Occupational Tax Ordinance

by Doreen Dennis, SurfKY News
October 07, 2015 4733

Alleged Attempt to Hide Meth in Doughnuts Results…

by SurfKY News
October 05, 2015 4085

Four Charged with Drug Offenses after Motel…

by SurfKY News
October 06, 2015 3781

Dawson Man Charged with Cultivating Marijuana,…

by SurfKY News
October 07, 2015 3243

Vehicle Overturns during Two-Car Collision

by Rita Dukes Smith, SurfKY News Director

Most Read This Month

September 16, 2015 13386

Mining Accident Fatality - Update

by Doreen Dennis, SurfKY News
September 30, 2015 11452

Dawson Woman Dead After Princeton Factory…

by SurfKY News

Stories Trending Now

October 08, 2015 1382

Madisonville Police Department Reports Released -…

by SurfKY News
October 08, 2015 1229

Hopkins County Health Department Food Scores Thru…

by SurfKY News
October 08, 2015 1176

Local Pastor's Son Filming Documentary about…

by Doreen Dennis, SurfKY News
October 08, 2015 898

Work Zone Lane Restriction on Pennyrile Pkwy Set…

by SurfKY News
October 08, 2015 798

Democratic Candidate for Governor Jack Conway…

by SurfKY News
October 08, 2015 787

Registration for Free 'Project Hire Kentucky'…

by SurfKY News
October 09, 2015 747

Travis Ipox Appointed as New Agency Manager of…

by SurfKY News
October 09, 2015 694

Hopkins District Court Fines Handed Down

by SurfKY News
October 08, 2015 622

Guns - Stopping That One Person

by SurfKY News
October 08, 2015 616

UPDATE: Mortons Gap Boil Water Advisory Lifted

by SurfKY News