August 6, 2015
The Finance and Administration Committee of the Texas Tech University System Board of Regents today (Aug. 6) gave preliminary approval to the Fiscal Year (FY) 2016 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 El Paso.
Final approval of FY 2016 operating budgets by the full board is expected Friday (Aug. 7).
“These budgets reflect our commitment to responsible growth while ensuring our component institutions are armed with the necessary financial resources in a higher education environment that is becoming increasingly competitive,” Chancellor Robert L. Duncan said.
The FY 2016 budgets are for the timeframe of Sept. 1, 2015 to Aug. 31, 2016. They are prepared on the basis of state appropriations and projected auxiliary, designated and restricted funds. The combined FY 2016 operating budget for the entire system is $1.9 billion, an increase of 9.2 percent increase over last year’s combined budget.
Each institution’s operating budget is approved individually. Texas Tech University’s FY 2016 operating budget totals almost $900 million, a 12 percent increase over FY 2015. The FY 2016 operating budget for Angelo State University is $106 million, a 3 percent increase over FY 2015.
The FY 2016 operating budget for the Texas Tech University Health Sciences Center is $636 million, a 6 percent increase over FY 2015, and the FY 2016 operating budget for the Texas Tech University Health Sciences Center El Paso is $241 million, a 9 percent increase over FY 2015.
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 TTU System has an annual operating budget of $1.7 billion and approximately 17,000 employees focused on advancing higher education, health care, research and outreach.
In 2014, the TTU System’s endowment exceeded $1 billion, total research expenditures were approximately $215 million and total enrollment approached 47,000 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.
CONTACT: Doug Hensley, Office of Communications & Marketing, Texas Tech University System, (806) 742-0057, email@example.com.