An amendment slated for the Nov. 4 state constitutional ballot has the chance to bolster Waco’s economy by establishing an $850 million endowment for Texas State Technical College (TSTC).
The endowment would be a permanent source of funds for the college’s capital improvement projects. Traditionally, the institution has depended on legislative appropriations to implement critical projects around campus. The creation of a permanent technical institution infrastructure fund would allow TSTC to make proactive improvements across its 11 campuses without relying solely on state allocations.
The state comptroller would oversee transfers from the permanent fund to the available fund for each fiscal year. The TSTC would then be able to use the money to support a variety of activities, including:
- Buying land, with or without permanent improvements.
- Building and equipping buildings or other permanent improvements.
- Repairing and rehabilitating buildings and other permanent improvements.
- Buying capital equipment.
- Buying library books and materials, including digital or electronic copies.
- Covering principal and interest due on bonds and notes issued by the Board of Regents for projects.
- Any other general purpose authorized by law.
The investment would be a significant boom for not only TSTC but for Waco as well. The college specializes in closing workforce gaps and receives financial support based on graduate employment outcomes. Being able to pull from a permanent fund empowers TSTC to move on improvements without waiting for legislative approval, kicking off critical projects that directly impact and boost Waco’s local economy.
Any unspent money allocated to TSTC for these projects each year would roll over into the next fiscal year. Pending ballot approval, the funds would only be able to be used for a purpose identical to which the original appropriation was made.
Photo by Pixabay