The TCU Board of Trustees approved the annual budget for the 2011-12 school year in its spring meeting Friday, according to a university news release.

The approved budget totals $406.2 million, according to the release, making it an increase from the 2010-11 budget of $381.8 million, according to the Campaign for TCU website.

According to the release, the new budget will include an increase in overall financial aid for students by eight percent, which matched the eight percent increase of tuition to $32,400 in November. The increase also will provide a salary merit pool of three percent for faculty and staff in addition to an increase of their benefits by $2.3 million to offset increases in health insurance and retirement expenses.

Check the Skiff later this week for a more detailed report on the annual budget.