LUBBOCK, TX (KCBD) - There is good news for Texas Tech and the folks who have a job at the University. The Texas Senate now waits for the House to pass its version of the state budget. The leading proposal right now is $182 billion over two years. State Senator Robert Duncan says it's a 7.3% increase over the last budget. It includes a $14 million increase in state funding at Texas Tech. Not only that, but the state puts away a little money for a rainy day.
"Currently the rainy day fund is approximately $9 billion. We hope by the end of the next biennium it will grow to about $12 billion. That reserve should be sufficient to help us whether any continuation of the recession, as we now see it," said Duncan.
It is believed that the final version of the budget should be ready by mid May.
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