Tech approves billion dollar budget, hoping for Tier One status

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.

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