HOUSTON

Financially troubled Texas Southern University needs a revamped board of regents, a new mission and strict oversight by the state auditor, according to recommendations released Monday by a governor-appointed advisory panel.

The panel also suggests the Legislature provide emergency funding to the Houston college through the 2007 fiscal year and recommends it give quarterly financial reports to the board of regents, Gov. Rick Perry’s office and the Legislative Audit Committee.

If the panel’s advice is followed, TSU will remain an independent institution and not, as some have suggested, incorporated into the University of Texas, University of Houston or Texas A&M systems.

“Our recommendations focus on fixing the fiscal flaws that have undermined the ability of TSU to deliver a quality education, and providing a framework for success in the future that preserves the institution’s autonomy while also refocusing on stricter financial oversight of the institution’s taxpayer and tuition dollars,” TSU advisory committee chairman Glenn Lewis said in a statement.

Perry created the panel in January after a series of reports revealed a pattern of financial mismanagement at the 60-year-old school. A report by TSU’s interim chief financial officer last year outlined overspending, missing purchase orders and poor financial projections. It highlighted flooded basements in several buildings and said the athletic program was $2 million over budget.

Last summer, the regents fired President Priscilla Slade after an investigation found she spent more than $260,000 in school money, allegedly to decorate her own home. Slade, who denies wrongdoing, faces an August trial on two charges of criminally misusing university money for her private benefit. Two other ex-TSU employees also face charges related to the improper use of school funds.

The school currently has an interim president.

In an interview Monday with The Associated Press, Lewis stopped short of calling for a new board of regents, suggesting Perry “reconstitute” the panel. He said some board members may not have served long enough to be considered culpable for the school’s problems.