On Nov. 4, Texas voters will have the opportunity to determine the future for a constitutional amendment that would create a permanent $850 million funding source to support capital projects for the Texas State Technical College (TSTC).
The funds created through Proposition 1 would include the Permanent Technical Institution Infrastructure Fund (Permanent Fund) and the Available Workforce Education Fund (Available Fund). Both would exist in the state treasury outside the existing general fund, providing TSTC with a dedicated revenue source for essential projects.
If approved, the comptroller of public accounts would oversee the management, distribution and investment of the Permanent Fund on an annual basis. Amounts allocated through the fund would support a variety of initiatives, including:
- Building or equipping buildings or other permanent facilities.
- Perform major repair and rehabilitation on buildings and other permanent facilities.
- Buy land.
- Procure capital equipment, including instructional equipment, virtual or augmented reality equipment, heavy industrial equipment and/or vehicles.
- Buy library books and materials, including digital or electronic versions.
- Pay the principal and interest due on bonds and notes used for permanent improvements authorized by other laws.
Notably, TSTC may not use the funds to support capital needs pertaining to permanent improvements planned for intercollegiate athletics or auxiliary enterprises. The college currently relies on performance-based state funding to support operations and additional infrequent state funding for additional work.
The new funding sources would ensure that TSTC has greater independence and capability to meet campus needs. The $850 million would be appropriated from dedicated funds in the previous budget cycle instead of new tax dollars. The proposed sources can be replenished in the future from state money, investment earnings and private donations.
Photo by Tstc, CC BY 4.0 <https://creativecommons.org/licenses/by/4.0>, from Wikimedia Commons