Increasing Government Revenues
STATE AND LOCAL GOVERNMENT REVENUE IMPACTState and local government revenues attributable to the presence of UAB totaled $302.2 million in FY 08-09 ($59.9 million direct and $242.3 million indirect). One dollar in every $25 in the state’s budget is generated by UAB. Furthermore, state and local governments throughout Alabama all received tax revenues that were University-related.
It is projected that the expansion of UAB in FY 19-20 will have a significant impact on state and local government revenues. Utilizing the mid-range scenario, it is projected that state and local government revenues attributable to the presence of an expanded UAB will total nearly $431.4 million (direct and indirect).
| State and Local Government Revenue Impact of UAB | ||||
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State Government Revenue Impact (Direct) | Local Government Revenue Impact (Direct) | Indirect Government Revenue Impact | Total Government Revenue Impact (Direct and Indirect) |
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UAB Current (FY 09) |
$43.0 million | $16.9 million | $242.3 million | $302.2 million |
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UAB Projected (FY 20) |
$55.9 million | $22.0 million | $316.4 million | $394.3 million |
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UAB Projected (FY 20) |
$61.1 million | $24.0 million | $346.3 million | $431.4 million |
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UAB Projected (FY 20) |
$65.8 million | $26.0 million | $373.5 million | $465.3 million |
Through its local spending, as well as its direct and indirect support of jobs, the presence of the University stabilizes and strengthens the local and statewide tax base. UAB is an integral part of the of state’s economy –– generating revenue, jobs, and spending.