State budget includes $120 million for Tennessee Tech

(May 6, 2021) – The State of Tennessee 2021-2022 budget includes more than $64 million for Tennessee Tech’s annual appropriation, along with more than $57 million in capital appropriations. The proposal includes more than $2.1 million for salary increases.

“We greatly appreciate the state’s investment in Tennessee Tech,” said Tennessee Tech President Phil Oldham. “This year’s budget includes investments in people, programs and facilities.”

Oldham said that given the unprecedented events of the past year that “we as a state faced, Gov. Lee has showed how much he values higher education by fully funding the outcomes-based formula, which helps to ensure that Tech continues to produce such a high return-on-investment for the state.”

In its most recent economic study, Tech learned that its impact on the State of Tennessee is $1.57 billion, which translates to more than $20 for every $1 invested by the state annually.

The university’s new engineering building, which was the Tennessee Higher Education Committee’s top capital project recommendation this year, accounts for nearly $50 million of the proposed capital appropriation. The project had been in the 2020-2021 proposed budget, but the state’s response to the pandemic caused it to be shifted to this year’s proposal.

Planning of the new 100,000-square-foot facility has been completed and work on the new building is expected to begin this year. It will be the first engineering building constructed at Tech in 50 years and will address the space shortage for Tech’s largest college, which represents 27% of total students.

The budget proposal also includes funds recognizing Tech’s strong outcomes under the funding formula, with $1.8 million related to the state’s funding formula for higher education.

“Tech continues to be a leader in degree production in Tennessee, which is a direct result of the dedication of our students, faculty and staff,” Oldham said. “I appreciate all of their hard work.”

The Cybersecurity Education, Research and Outreach Center received $500,000.

The state’s capital appropriation for Tech is $57 million, including:

• $49.2 million for the new engineering building
• $7.8 million for the repair, maintenance and renovation of campus facilities, including updates to Bryan Fine Arts Auditorium and Derryberry Hall.

The budget was approved by the Tennessee General Assembly last week.

“Our university is ready to take advantage of the hope and opportunities this budget gives us,” Oldham said. “We were flexible and resilient during the difficult times in the past year, and we are ready to move forward.”