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A portion of the savings enjoyed by society also accrues to provincial taxpayers. Former students are more employable, so the demand for income assistance reduces. Improved health habits lower the former students' demand for provincial health care services. Former students are also less likely to commit crimes, so the demand for law enforcement services reduces. All of these benefits will generate a present value of $19.4 million in savings to provincial taxpayers. Total benefits to taxpayers are $1.2 billion, equal to the sum of the added taxes and public sector savings. Comparing this to the taxpayer costs of $78 million—equal to the funding that Georgian received from provincial government during the analysis year—yields a benefit-cost ratio of 15.4. This means that for every $1 of public money invested in Georgian, taxpayers receive a cumulative value of $15.40 over the course of the former students' working lives. In other words, taxpayers fully recover the cost of the original investment and also receive a return of $14.40 in addition to every $1 they paid. SUMMARY OF INVESTMENT ANALYSIS RESULTS Table 3 presents the results of the investment analysis for all three of Georgian's major stakeholder groups—students, society, and taxpayers. As shown, students receive great value for their educational investment. At the same time, the investment made by provincial taxpayers to the college creates a wide range of benefits to society and returns more to government budgets than it costs. The results of this study demonstrate that Georgian creates value from multiple perspectives. The college benefits local businesses by increasing consumer spending in the region and supplying a steady flow of qualified, trained workers into the workforce. It enriches the lives of students by raising their lifetime incomes and helping them achieve their individual potential. It benefits society as a whole in Ontario by creating a more prosperous economy and generating a variety of savings through the improved lifestyles of students. Finally, it benefits provincial taxpayers through increased tax receipts across the province and a reduced demand for government-supported social services. TABLE 3: Summary of investment analysis results S T U D E N T P E R S P E C T I V E S O C I A L P E R S P E C T I V E * TA X PAY E R P E R S P E C T I V E Present value benefits (thousands) $1,345,726 $7,354,804 $1,204,543 Present value costs (thousands) $265,039 $379,041 $77,992 Net present value (thousands) $1,080,687 $6,975,763 $1,126,551 Benefit-cost ratio 5.1 19.4 15.4 Rate of return 4.1 14.4 * The rate of return is not reported for the social perspective because the beneficiaries of the investment are not necessarily the same as the original investors. ABOUT THE STUDY Data and assumptions used in the study are based on several sources, including the FY 2016-17 academic and financial reports from Georgian, industry and employment data from Statistics Canada, outputs of Emsi's input- output model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of investment effectiveness and economic impact. For a full description of the data and approach used in the study, please contact the college for a copy of the main report. ABOUT EMSI Emsi, a CareerBuilder company, is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,800 economic impact studies for educational institutions in four countries. Visit www. economicmodeling.com for more information about Emsi's products and services. G E O R G I A N C O L L E G E | E X E C U T I V E S U M M A R Y 7

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