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“The paramount challenge is resources. Put simply, we are grossly under-funded compared to our mission,” he said.

“Compared to the average university or college in Texas or the nation, we do OK. But when we recruit faculty and students, we don’t compete against the average college. Our mission is to compete at the very top, and when we do that we compete with fewer resources.”

Powers said the university’s financial resources affect it “most when it matters most: when we are recruiting or retaining faculty and graduate students.”

Within five years, Powers said the university needs to have competitive salaries, a full sabbatical program, travel allowances and resources for graduate students that are equal to its peer institutions.

“The leading public university of the 21st century will have many attributes: great research programs, diverse faculty and students and a rich undergraduate experience,” Powers said.

“It will have a lower student-faculty ratio. And it will have global reach. But we can’t do any of this without the best faculty and students. We simply need to be more competitive, and this needs to be our top priority.”

Finances are also contributing to the deterioration of facilities.

“Of course, we fix the things that break on our aging campus, but we are falling behind on renovating major systems. On top of that, we need more space for classrooms, laboratories and faculty offices. In short, we are letting our facilities deteriorate to balance our budget.”

Powers said the university needs to align its budgets and decision-making structures with its goals and aspirations to get the outcomes everyone desires.

“We remain poised to become the great public university of our time,” Powers said. “But we won’t get there unless we openly confront our financial challenges. We won’t get there without focus, and discipline, and courage. And we can’t wait for others to help us. We must do it ourselves.

“Together, we can succeed, if we have the discipline, the focus, and the fortitude. I ask you to help make that happen.”