The Board of Trustees approved the $511.9 million budget last Friday making it possible for the University to continue towards it’s goal of maintaining and improving the overall TCU experience.

According to the press release, this budget will provide leverage for the university to move forward into the next phase of the university’s 'Vision in Action', the Academy of Tomorrow.

“The next phase focuses on three key strategic areas: academic profile and reputation; size and balance; and campus environment.”

Here is how the $511.9 million budget will be allocated:

Renovation of Theodore Prentis Beasley Hall was approved and is scheduled to begin in May 2013. The $5.6 million renovation will address all academic space, restrooms, a new elevator, a complete fire sprinkler system and will address accessibility issues.

The Upper Division Residence Hall Project in Worth Hills was approved to begin in May 2013, adding an additional 160 beds. Construction will follow the Sophomore Housing project that is currently under construction.

An additional parking lot on the east side of campus was approved and will provide 150 spaces. This $1.3 million project will begin in July 2013 and is scheduled to be completed in October 2013.

This budget will also provide a salary merit pool of 3 percent for faculty and staff. New faculty positions will be available, along with an increase in institutional financial aid.

Trustees were informed that the Student Government Association has funded a student memorial. A single lily pad, identical to those on Frog Fountain, will be located between the sidewalks of Jarvis Hall and Dave C. Reed Hall.

The Board also passed a resolution honoring Chancellor Boschini and Mrs. Boschini for all that they have brought to the TCU community the past ten years. TCU has consistently been listed among the top 100 national universities, enrollment has risen 17.5 percent, the freshman-to-sophomore retention rate has improved 90 percent, undergraduate financial aid has doubled, and applications for admission have grown by 152.6 percent.

A report given by the Chancellor stated that total enrollment for the spring this year is 9,160, which is a 2.5 percent jump from last year. Boschini also reported that undergraduate enrollment is up 3.1 percent, sitting at 7,980. He said that graduate enrollment is 1,180, which has fallen by 1.7 percent since last year. He also said that the university has a 96.9 percent retention of Fall 1012 first-time, full-time students.

The Academic Affairs committee of the Board of Trustees was informed that Phillip S. Hartman has been appointed dean of the College of Science & Engineering. His role as dean will be effective June 1, 2013.

The Board approved a recommendation by the Executive Committee to present honorary degrees to two individuals. Fallen Marine Lance Cpl. Benjamin Whetstone Schmidt was killed in action in Afghanistan and will receive an Honorary Doctorate of the University. Miguel Harth-Bedoya, a guest conductor in TCU’s School of Music, will receive an Honorary Doctorate of Music.

The Board passed a resolution to honor Robert J. Wright, a TCU Trustee from 1993-2013. The TCU alum and president of Medical Group Management Association had great influence on national medical care. Wright has also contributed to the Mary and Robert J Wright Hall, Kelley Wright Samuelson Hall and the Mary Wright Admission center. He has also provided scholarship support for the numerous Wright scholars.

The Board also passed a resolution in memoriam of Ruth Carter Stevenson, a TCU Trustee from 1974 to 1989 and Trustee Emeritus from 1986 until her death earlier this year. She is responsible for the creation of the Amon Carter Museum and was president of the Board of Directors of the Amon G. Carter Foundation. One of her major contributions to TCU was her designing, building and expansion of Moudy South, along with other significant donations.

Two new Trustees were also elected to the Board, Elliott J. Hill and Jan Tucker Scully.

According to the press release, this approved budget will provide TCU with a strategy of “maintaining it’s competitive advantage, intensifying the university’s momentum and strengthening the student experience.”