Texas Tech University budget more than $1 billion

Texas Tech University budget more than $1 billion

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LUBBOCK, Texas -

Texas Tech's operating budget next year will be more than $1 billion. This is a milestone for the university.

It's thanks to the state legislature adjusting its funding formulas and also work at the university level.

University president Lawrence Schovanec says the money will be used to invest in its people. This includes a two-percent merit raise, an increase in the full-time minimum wage and a bump in retirement benefits.

The lowest a full-time employee can earn at Tech will go up from $7.25 to $11 an hour.

"We did this because we realized that the people we have here are so crucial to the success we've had and we want them to feel valued," Schovanec said.

The Board of Regents also approved the next step for building the vet school in Amarillo. It will break ground in September.

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