August 7, 2014
Written By Jaryn Kilmer
The Finance and Administration Committee of the Texas Tech University System Board of Regents today (Aug. 7) gave preliminary approval to the Fiscal Year (FY) 2015 operating budgets for the TTU System Administration, Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center at El Paso.
“This investment maintains our commitment to responsible growth and ensures we are able to provide the resources necessary to advance our universities,” Chancellor Robert Duncan said. “Our students go on to be competitive in the workforce, which provides a substantial return and creates a better future for the State of Texas.”
The FY 2015 operating budgets run from Sept. 1, 2014, to Aug. 31, 2015, and are prepared on the basis of state appropriations and projected auxiliary, designated and restricted funds. The combined FY 2015 operating budget for the entire system is $1.73 billion, an increase of 3.1 percent more than last year’s combined budget.
Each university’s operating budget is approved individually. Texas Tech University’s FY 2015 operating budget totals to $800 million, and the FY 2015 operating budget for Angelo State University is $102 million.
The FY 2015 combined operating budget for Texas Tech University Health Sciences Center and Texas Tech University Health Sciences Center at El Paso is $820 million. Appropriations for Texas Tech University Health Sciences Center at El Paso will be made separate in the upcoming legislative session.
Final approval of FY 2015 operating budgets by the full board is expected Friday (Aug. 8).
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 TTU 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 TTU 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 TTU System continues to prove that anything is possible.