This story was updated at 9:15 p.m. Oct. 13 to include information from human resources.

TCU will spend $4 million to provide merit-based raises for employees starting Dec. 1, 2020.

The news came Monday in an email to faculty and staff from Chancellor Victor Boschini. Raises were submitted in February.

“This action gratefully recognizes the hard work and effort put forth by the TCU community to bring in the Class of 2024 and concentrate on student retention,” Boschini wrote in the email.

In an email sent Tuesday to faculty and staff, Vice Chancellor and Chief Human Resources Officer Yohna Chambers wrote the raises are based on staff performance during the 2019 calendar year and faculty performance during the 2019-20 academic year.

Faculty Senate Chair Sean Atkinson also praised the work of TCU employees since the spring in an email to TCU 360.

“Faculty and staff have been working extraordinarily hard over the last 7 months, so I’m thrilled that we will be able to receive merit-based raises starting in December,” he wrote. “The university still has some financial challenges ahead, but I’m glad they were able to take this important step to acknowledge our efforts.”

Boschini wrote that the previous budget decisions, including the permanent allocation of $65 million to financial aid, would remain.

In a separate email to TCU 360, Boschini wrote that about $50 million of the expected $90 million budget shortfall has been accounted for through a hiring freeze and other budget cuts.

He also wrote he is “cautiously optimistic” about the university’s financial outlook because there are still several milestones TCU has to consider, including finishing the current semester and football season, beginning the spring semester and having a sufficient enrollment for the spring.

Failure to meet these goals would “inflict serious financial harm,” he wrote.

Chambers wrote that letters to faculty and staff indicating the raises will be available through my.tcu.edu before Dec. 1.