The operation of Garrett County Public Schools generates an estimated economic impact of $67.91 million annually within the county, a study unveiled to the Board of Education today shows.
The study, conducted by the Business Economic and Community Outreach Network (BEACON) at Salisbury University, examined four factors: the economic and employment impact of school system operations, the economic value of degrees awarded, the impact of the school system on economic development, and the school system’s role in the reduction of public costs such as crime, healthcare, and welfare. Among its other conclusions, the study also found that every dollar in operational budget spending results in total local spending of $1.42, and every dollar in capital budget spending results in $1.41 in total local spending and $1.80 in total spending in Maryland.
In recent years, GCPS has annually graduated students who will realize an additional lifetime earnings of approximately $28.89 million (estimated total present value). The present value of the county income tax to be paid on these additional earnings is approximately $536,000 per graduating class.
“This study quantifies what we have long known – the Garrett County Public School System has an immense impact on the local economy,” Mr. Matthew Paugh, Garrett County Board of Education President, stated. “While the value of an educated population and trainable workforce goes beyond dollars and cents, the report demonstrates that funding of our local schools provides a substantial return on investment.”
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