The Texas Tech University System Board of Regents gave preliminary approval for their budget for the Fiscal Year of 2014.

The Finance and Administration Committee of the Board of Regents approved a $1.7 Billion budget based off state appropriations, projected auxiliary and restricted funds. The budget is a 7.9% increase from Fiscal Year 2013.

Texas Tech University System

System Chancellor Kent Hance said in press release Thursday,

"This budget represents our continued commitment to educating generations of leaders and enhancing the state of Texas in an efficient and responsible manner. Investing in our universities provides a significant return and will pay dividends in a better future for students, families and our state."

Texas Tech claims in a press release the economic impact of the TTU System on the State of Texas at $10 Billion per year.

Final approval of the system budget is expected tomorrow. An operating budget of the new Texas Tech Health Sciences Center at El Paso is included for the 2014 budget.