CU’s Board of Trustees set a $293 million budget for the 2006-2007 academic year today during its spring meeting.

"Our vision is to create a world-class, values-centered university experience as prescribed in our strategic plan," said Chancellor Victor J. Boschini, Jr. "This budget supports our goals and will enable us to turn that vision into reality."

Budget highlights include:

• $2.9 million additional funding to support academic excellence which includes appointing new faculty and enhancing academic programs

• $4.6 million in additional student financial aid

• $2.2 million for the Strategic Initiatives Fund which provides grants to faculty and staff to advance TCU in relation to Vision in Action (VIA), the university's strategic plan

• $3.5 million in compensation for employees which includes a merit pool, base increase for benefits eligible employees and compression and market rate adjustments for non-exempt employees

"This is an exciting time for the university," Boschini told Trustees. "We have outstanding faculty, staff and students, a vibrant cultural life and an ever-improving physical campus."

Over the next 18 months, TCU will begin work on major capital projects across campus, related to its strategic goals outlined in VIA. Those projects include the development of a campus commons area comprised of four new residence halls, a university union and a large green mall space. The university also will break ground on its new School of Education April 28. The Board of Trustees also approved upgrades to science labs in the Sid Richardson building as well as improvements to instructional spaces and classrooms across campus

In other business, Chancellor Boschini reported that TCU continues to see an increase in applications. As of March 31, the university had received 8,538 applications for fall freshman admission, up 6.6 percent from the previous year at this time. Additionally, applications from students of color continue to increase.

The Chancellor also reported that the university hired Jim Hille as its first chief investment officer to further strengthen TCU’s financial outlook. Hille, who will begin to manage TCU's $1 billion endowment May 1, was the chief investment officer for the Teacher Retirement System of Texas.

The Board of Trustees approved 23 faculty members for tenure as recommended by the academic affairs committee. They also will honor Kate Staples Lehrer, a 1959 TCU graduate and notable author, with an honorary doctorate degree. Ms. Lehrer will receive the honorary degree during May commencement.

The next Trustees' meeting is scheduled for November.

-30-