Funding post-secondary education is a worthy investment, one that has been a boon for Olds, according to the president of the Olds and District Chamber of Commerce.“Having the college in the area has been a tremendous benefit to the local businesses,” said Doug Rieberger.A recent report from Olds College examining the economic impact of the school in the region appears to support the theory.According to the study, released in February, Alberta taxpayers contributed $33.8 million of funding to Olds College from 2011-12.After the duration of those students' working lives, the provincial government will have collected $47.4 million in additional taxes from employers and employees alike, due to increased incomes and consumption of goods and services, the study claims.Funding for Olds College also results in lower crime rates, better health and reduced welfare dependency, a present value of $926,092.Altogether, the return to taxpayers will be $48.3 million.For each dollar taxpayers invest into Olds College, they get $1.40 back after the students finish their careers.Within the Olds College service area, defined as Census Division 6, 158 students spent $2.3 million to buy groceries, pay for rent, transportation and other expenses in 2011-12.Furthermore, the ones attending classes also benefit.In the analysis year, when all the students opted for school instead of joining the workforce, they made a combined $30.8 million investment. That sum included expenses, forgone earnings and the value of time spent.What they will get in return is a significant raise down the road, the study claims.A graduate with a two-year diploma makes $15,900 more than a high-school graduate. Over a lifetime of work, that's $569,000 in extra income.Rieberger said that Olds College's presence in the region means that businesses have a consumer base.“Oh definitely. I think with the students that are brought into the local area, that's definitely a benefit to the local economy and without the college, we would not have the benefit of those consumers,” he said. “If the dollars were not there, I'm sure it would affect some of the local businesses.”Olds College also contributes to commerce by providing a source of skilled labour to recruit from. Graduates from the school remain to work in the area and locals can upgrade their skills for better jobs, Rieberger said.On March 6, Alberta's provincial budget will be unveiled. Last year, Premier Alison Redford's Progressive Conservative government cut $147 million of funding for post-secondary education before returning $50 million through the Campus Alberta grant.“Post-secondary education is one of the areas that they should be looking at,” Rieberger said. “Just showing in the economic benefits to it, they do get their money back by investing in post-secondary education.”[email protected]
