From Texas Tech University:
The Finance and Administration Committee of the Texas Tech University System Board of Regents today (Aug. 8) preliminarily approved the FY 2014 operating budgets for the TTU System Administration, Texas Tech University, Angelo State University, and Texas Tech University Health Sciences Center.
"This budget represents our continued commitment to educating generations of leaders and enhancing the state of Texas in an efficient and responsible manner," said Kent Hance, chancellor of the TTU System. "Investing in our universities provides a significant return and will pay dividends in a better future for students, families and our state."
The FY 2014 operating budgets run from Sept. 1, 2013 to Aug. 31, 2014 and are prepared on the basis of state appropriations and projected auxiliary, designated and restricted funds. The combined FY 2014 operating budget for the entire system is more than $1.7 billion, an increase of 7.9 percent over last year's combined budget.
The overall economic impact of the TTU System on the state was approximately $10 billion in 2012, according to a report of the system's influence on business activity released earlier this year. The assessment also revealed that for every dollar the TTU System spends, the state's economy sees more than $23 returned.
Final approval of FY 2014 operating budgets by the full board is expected Friday (Aug. 9). An operating budget for the newly established Texas Tech University Health Sciences Center at El Paso is included in the FY 2014 operating budget for Texas Tech University Health Sciences Center.
The Texas Tech University System is one of the top public university systems in the state of Texas, consisting of four component institutions and operating at 12 academic sites and centers. Headquartered in Lubbock, Texas, the TTU System has an annual operating budget of $1.5 billion and approximately 17,000 employees focused on advancing higher education, health care, research and outreach.
In 2012, total research expenditures approached $200 million and total enrollment exceeded 43,700 students for the first time in the TTU System's history. Whether it's contributing billions of dollars annually in economic impact or being the only system in Texas to house an academic institution, law school, and medical school at the same location, the TTU System continues to prove that anything is possible.