A report pegging Olds College's overall effect on the regional economy at $143.6 million in a year is expected to give credence to the institution's value leading up to the release of the provincial budget.
While highlights of the report finalized in December were released last week, Jordan Cleland, vice-president of advancement at the college, said a further announcement about the school's economic impact in the community would be made Feb. 11.
With provincial government funding for post-secondary institutions dwindling, Cleland said the report's findings will give government something to think about.
The study investigated the economic impacts created by the college on the regional economy and the benefits the college generates in return for the investments made by its key stakeholder groupsóstudents, society and taxpayers.
The overall effect of the college on the regional economy during the analysis year 2011-12 amounted to $143.6 million, equal to the sum of the college operations effect, the student spending effect, and the student productivity effect. This added income was equal to approximately 0.2 per cent of the region's gross regional product.
Total payroll at the college was $29 million, much of which was spent in the region for groceries, eating out, clothing, and other household expenses, according to the report.
The college is itself a large-scale buyer of goods and services, the analysis also pointed out. In 2011-12, the college spent $24.4 million to cover its expenses for facilities, professional services and supplies.
