State Investments in UT Knoxville
The Tennessee General Assembly yesterday evening passed its FY22–23 budget, which includes approximately $217 million for the University of Tennessee, Knoxville.
I appreciate Governor Bill Lee and our General Assembly’s unprecedented investment in higher education and our flagship campus. I also appreciate UT System President Randy Boyd’s continued and tireless advocacy and support.
President Boyd has outlined the entirety of the state’s investments in the UT System, including the finalization of a 4 percent salary pool for the second year in a row to fund merit and market increases for employees. Specific appropriations include the following:
- $83 million for a new Haslam College of Business building
- $72 million to fully fund the UT–Oak Ridge Innovation Institute, a partnership that brings together our graduate students and world-class faculty with ORNL scientists, eight years ahead of schedule
- A $20.2 million recurring operating increase in the outcomes-based funding formula
- $16.9 million in deferred maintenance funding for UT Knoxville, including the UT Institute of Agriculture
- $14.8 million to fund the 4 percent salary pool
- $4 million in recurring funding, with an additional initial $2 million, to launch and sustain a new Institute for American Civics
- $2.9 million for the College of Veterinary Medicine
- $500,000 to support minority engineering scholarships
These investments by the state, along with direct support to our students—with an increase in the HOPE scholarship to $4,500 for full-time eligible first-years and sophomores and $5,700 for juniors and seniors, an additional $1,000 and $1,200, respectively—will help us continue to provide access to world-class resources in education and research.
We are seeing unprecedented growth on our campus. Our faculty are being recognized for their extraordinary work in their research and their classrooms. With the support of our faculty and staff, our students are getting degrees, opportunities, and accolades. It has never been a better time to be a Volunteer. I appreciate each of you and the work you do.