The A&M Board of Regents approved a $4.2 billion budget for fiscal year 2016 Wednesday, according to an A&M press release.
Funding operations at its 11 universities, seven state agencies and the health sciences center, this budget marks the first time the A&M System budget has gone over $4 billion, according to the release. The 11 percent increase from fiscal year 2015 is attributed to a 10 percent increase in legislative appropriations, projected growth in enrollments and 13 percent more grant and contract revenue.
The release states that compared to fiscal year 2015, revenue from tuition and fees are expected to increase 10 percent — an increase caused by rising enrollments, a 7 percent increase in non-resident tuition and an increase in Fall 2015 tuition and fee rates.
For students already enrolled in A&M, fiscal year 2016 is the second year in the A&M System’s guaranteed tuition and fee plan that freezes student rates for four years. The 1.93 percent increase will only affect students enrolling for the first time in Fall 2015.
Chancellor John Sharp led the A&M System’s Presidents during the past legislative session in maximizing formula funding from the state. The A&M System accounted for almost half the total statewide increase as a result, according to the release.
