LUBBOCK, TX (KCBD) - The Texas Tech System Board of Regents' Finance and Administration Committee approved the 2010 operating budget on Thursday. The budget is up 7% from last year. To put that into perspective, it's a $93 million increase.
This budget for 2010 includes salary increases for faculty and staff as well as money for research. "Our goal is to make sure Texas Tech is going to be in the Tier One situation. So that's what we focused on in the budget," said Chancellor Kent Hance.
Hance says the recent tuition increase will mostly go toward faculty and staff raises, but not everyone will get a raise - it is based on merit pay. "The merit pay will be decided by department heads and deans and they will evaluate each and every professor and some may get none and some may get 7, 8, 10%," said Hance.
Hance says Tech is close to becoming a Tier One institution. "For Tier One status, you have got to have well funded faculty and we have if you just take teaching students we are as good as anyplace in the nation," said Hance.
But the only thing that's missing is research. "That's where we have got to get the money up we've got more from the federal government we've got more money from the state and this has been a huge push for us because it's our number one priority," said Hance.
Hance believes this budget is a key to reaching their goal. "The legislature treated us well and we've been able to raise sufficient funds so we can have this increase," said Hance.
The Texas Tech University Health Sciences Center is a huge part of next year's budget. It is up 10% from last year, which is more than a $670 million increase. "It just shows you want an impact the Health Sciences Center and medical school, pharmacy, nursing, have had on Lubbock and this area," said Hance.
Friday the final approval of the budget will come before the full Board of Regents.
TTU System Administration
Total operating budget is $16,844,512, down from $16,849,180 last fiscal year, a decrease of $4,608 or .03 percent.
Texas Tech University
Total operating budget is $622,752,853, up from $601,827,015 last fiscal year, an increase of $20,925,838 or 3.48 percent.
Texas Tech University Health Sciences Center
Total operating budget is $676,167,142, up from $610,011,794 last fiscal year, an increase of $4,387,064 or 4.69 percent.
Angelo State University
Total Operating budget is $97,998,558, up from $93,611,494 last fiscal year, an increase of $4,387,064 or 4.69 percent.
$1,406,132,152 for FY2010 up from $1,312,521,904 last fiscal year, an increase of $93,610,248 or 7.13 percent.
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