TTU System Budgets Approved for FY 2017
The combined operating budget for the entire Texas Tech University System has passed the $2 billion mark.
August 11, 2016 | Written by Dana Jennings
The Finance and Administration Committee of the Texas Tech University System Board of Regents gave preliminary approval to the Fiscal Year (FY) 2017 operating budgets for the Texas Tech University System Administration, Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso today (Aug. 11).
Each component sees an increase in operating budget for the new fiscal year, combining to increase the Texas Tech University System’s operating budget by 5.67 percent over FY 2016. The system’s budget is now more than $2 billion, at $2.003 billion.
“We are entering a new league of excellence and expectation,” Chancellor Robert Duncan said. “Becoming a $2 billion enterprise solidifies the Texas Tech University System as a recognizable force in higher education and in Texas. This continued growth is providing us with more opportunities to reach new heights.”
The FY 2017 operating budgets run from Sept. 1, 2016, to Aug. 31, 2017. Budgets are prepared on the basis of state appropriations and projected auxiliary, designated and restricted funds. Each entity’s operating budget is approved individually.
Texas Tech University’s FY 2017 operating budget is over $926 million, a $27 million increase over FY 2016. Angelo State University’s budget reaches over $113 million in FY 2017, a 6.8 percent increase over FY 2016.
The Texas Tech University Health Sciences Center’s FY 2017 operating budget grew by 6.3 percent over FY 2016 to reach $676 million. The FY 2017 operating budget for the Texas Tech University Health Sciences Center El Paso is $272 million, a 13 percent increase over FY 2016.
The Texas Tech University System Administration’s FY 2017 operating budget is $25.3 million, up $2.6 million from last year and 1.25 percent of the collective $2.003 billion operating budget.
"As the Texas Tech University System has matured and grown, we have been very cognizant of controlling costs for our operations and our students, while also operating in an efficient manner," Duncan added.
Final approval of FY 2017 operating budgets by the full board is expected Friday (Aug. 12). The budgets include a 2 percent merit increase for employee salaries.
About the Texas Tech University System
The Texas Tech University System is one of the top public university systems in Texas and the nation, consisting of four component institutions – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso – and operating at more than a dozen academic sites and centers. Headquartered in Lubbock, Texas, the Texas Tech University System has an annual operating budget of nearly $2 billion and approximately 19,000 employees focused on advancing higher education, health care, research and outreach.
In 2015, the Texas Tech University System’s endowment exceeded $1.1 billion, total research expenditures were more than $215 million and total enrollment was approximately 50,000 students. 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 health-related institution at the same location, the Texas Tech University System continues to prove that anything is possible.