In addition to electing an interim president at its April 29 meeting, the Board of Regents approved the 2005-06 fiscal year budget and two new academic programs, and elected three new regents and officers for the coming year.
The $296 million budget represents a 4.15 percent, or $11.8 million, increase over the current operating budget. It reflects $2 million in cost savings achieved through reorganizational or structural changes in administrative departments. No quasi-endowment funds have been used to balance the 2005-06 budget, said Reagan Ramsower, acting vice president for finance and administration.
The approved budget also features a $12.1 million, or 21.64 percent, increase in scholarships and fellowships. This total includes increases for merit, need-based and graduate assistantship scholarships.
Regents also approved a doctorate in political science and a joint master's degree in engineering and business administration.
Joining the board June 1 will be Anne Graham Lotz of Asheville, N.C.; Ramiro Pena Jr. of Waco; and R. Dary Stone of Dallas. Re-elected to three-year terms were Stan Allcorn of Abilene; Jay Allison of Frisco; James Bowden of Waco; Stephen Carmack of Edmond, Okla.; Harold Cunningham of Crawford; and Minette Pratt of Fort Worth. Last fall, the Baptist General Convention of Texas re-elected current regents Wes Bailey of Waco and Randy Ferguson of Austin to serve on the board. The BGCT also elected Duane Brooks of Houston to a three-year term.
Four regents completed their terms on the board. They are Brian Harbour of Richardson, Walker Harman of Dallas, Sam Medina of Lubbock and Charles Overby of Brentwood, Tenn. Will Davis of Austin was unanimously re-elected chair for the coming year, and Jim Turner of Dallas was named chair-elect and vice chair of the board. The regents next meet July 13-15.