Ive heard that higher education in Texas is rich from oil money. Doesn’t that provide ample funding?
The state of Texas does use some oil revenue to help fund higher education, just as other states draw upon their industries to support public services. The Permanent University Fund (PUF) is a public endowment, and its income is derived from revenue generated by West Texas land provided by the state as a financial investment in higher education. Proceeds result from oil, gas, sulfur, and water royalties, rentals on mineral and grazing leases, and gains on investments. The PUF isn’t “extra” money — it’s part of the state’s higher-education funding structure. The annual investment return on the $11.7 billion PUF is known as the Available University Fund, or AUF. Revenue from the AUF does not go exclusively to The University of Texas at Austin but to 18 institutions and six agencies in the Texas A&M and University of Texas Systems. UT Austin’s share for fiscal 2007-08 was $143.6 million out of the University’s total budget of $1.93 billion — about 7 percent. While the University’s share o
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- Ive heard that higher education in Texas is rich from oil money. Doesn’t that provide ample funding?
