Texas Tech System Budgets Approved for the 2015 Fiscal Year

Combined operating budget for the entire system is $1.73 billion, an increase of 3.1 percent from last year.

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).

Texas Tech University System

System

Established in 1996 and headquartered in Lubbock, Texas, the Texas Tech University System is a $2 billion higher education enterprise focused on advancing higher education, health care, research and community outreach. Consisting of four universities – Texas Tech UniversityTexas Tech University Health Sciences CenterAngelo State University and Texas Tech University Health Sciences Center El Paso – the TTU System collectively has approximately 55,000 students, 17 campuses statewide and internationally, more than 300,000 alumni and an endowment valued over $1.3 billion.

During the 86th Texas Legislature under the leadership of Chancellor Dr. Tedd L. Mitchell, legislative funding and authority was provided to establish a new Texas Tech University veterinary school in Amarillo and a new dental school at Texas Tech University Health Sciences Center El Paso. This will be the state’s first veterinary school in more than a century and first dental school in over 50 years. The addition of these two schools makes the Texas Tech University System one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.

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