Regents Approve Budget, Elect New OfficersJuly 17, 2002
At its May meeting, Baylor's Board of Regents approved a $291.7 million bud-get for 2002-2003, elected two new members to the board and selected a new chair and three vice chairs.
The budget, effective June 1, represents a 12.6 percent increase over the previous year's budget. It includes 107 new faculty and staff positions, a 40 percent increase in scholarships and fellowships, start-up funding for the new Honors College and $10.3 million for various renovation and deferred maintenance projects.
Drayton McLane Jr., chair of the Houston Astros and Temple-based McLane Group LP, was elected chair of the board. Vice chairs elected for the coming year are Minette W. Drumwright of Fort Worth; Sam A. Medina, 237th Judicial District Court judge from Lubbock; and attorney and former state Sen. David A. Sibley of Waco.
New regents who took office June 1 are Stan Allcorn, pastor of Pioneer Drive Baptist Church in Abilene, and Steve Carmack, chair and CEO of Legacy Bank in Hinton, Okla. Also joining the board are two members elected last November at the Baptist General Convention of Texas. They are Wes Bailey, a Waco businessman, and Harold Cunningham, Baylor's former vice president for finance and administration and most recently vice president for special programs.