At its May meeting, the Baylor Board of Regents approved a $403.3 million operating budget for 2010-11. This year's budget reflects an increase of $13.8 million or 3.55 percent over the original 2009-10 budget adopted by Baylor Regents last year. It includes an increase of $17.4 million or 15.9 percent to support merit and need-based scholarships, graduate assistantships, and scholarships for Baylor Law School, George W. Truett Theological Seminary and athletics.
"This budget includes the smallest percentage increase in an original operating budget over the past four years, but it continues our focus of increasing student quality while also helping to ensure educational access to families with need," said R. Dary Stone, JD '77, chair of the Baylor Board of Regents.
Personnel costs will increase by $13.8 million or 5.8 percent, which will support approximately 41 new full-time faculty positions, 30 replacement faculty positions and 27 new staff positions, as well as merit raises for faculty and staff. In addition, the budget will support higher and more competitive stipends for graduate assistantships and increased funding for student workers.
To help facilitate an efficient transition in presidential leadership at Baylor, Regents re-elected Stone to a one-year term as chair. Dr. Duane Brooks, BA '84, PhD '91, was re-elected to a one-year term as vice-chair.
The Board elected five new Regents to three-year terms: Jeffrey D. Reeter, BBA '84, of Houston, managing partner, The Texas Financial Group -- Houston, Austin, San Antonio -- of Northwestern Mutual Financial Network; William K. Robbins Jr., BA '52, LLB '54, JD '69, of Houston, chairman of the board and CEO of North American Corp.; Philip W. Stewart, BA '73, JD '76, of La Jolla, Calif., president and partner of Terravista Corp.; Richard S Willis, BBA '81, MBA '82, of Colleyville, Texas, president of SFC LLC and an operating partner with Advent International; and Dr. Ronald L. Wilson, BA '71, MD '74, of Waco, physician, Brazos Kidney Disease Center.
The Board also expressed its appreciation to Regents who have completed their terms: Joseph B. Armes, BBA '83, MBA '84, Tommy L. Bowman, BBA '71, and Sue H. Getterman, BA '50.
In other business, Regents approved: