According to the Austin American Statesmen, it may not be long before there will be a new breed of doctors in town--a Longhorn breed of doctors. The sum required to make this proposed medical school a reality? $4.1 billion over 12 years. Where is that going to come from? A number of places, actually.
Seton (a not-for-profit healthcare network in central Texas) has pledged $250 million toward building a new medical school and is expected to provide $1.9 billion over the next 12 years to fund the new UT school. That's 46% of the projected costs.
Philanthropic donations will account for some of the additional funding, though how much is unknown at this point.
The University has pledged to contribute at least $25 million per year out of their endowment and an additional $5 million for 8 years for laboratories. But there is a stipulation... "local community sources" must contribute $35 million each year.
Federal money is expected to be allocated to the new medical school since the new school will benefit Medicaid. But what is one determining factor for how much federal money can be expected? Local tax dollars.
That's right, there will most likely be a vote soon to see if taxpayers are willing to endure a property tax increase in order to fund the new UT medical school. Central Health is a county taxing authority that provides healthcare for low-income residents. According to the recently released spreadsheets outlining funding for the new medical school, Central Health will be responsible for $35 million per year.
There are no doubt obvious benefits to Austinites for a UT medical school. But let's not get excited about surgeons donning burnt orange scrubs until we take account of what it will cost us. And until we decide it is a good investment. One reason that state funding is scarce is because new medical schools are being developed in south Texas, El Paso, and as close as Round Rock, where Texas A&M University has already begun starting a medical school.
I encourage you to look into this issue so that when it's time to vote in November and you have the chance to vote on property tax increases, you can vote as a thoughtful and informed citizen. Reading this article will give you a basis from which to further investigate the matter.
