Why a New Model?
Our previous budget model had听a number of challenges.
In our previous model, funding allocations听were made each year based on legacy decisions made long ago, and at different times. Only a very small percentage of revenues might be听available in a typical year for investment in mission-aligned projects or activities. Interviews with deans, vice-chancellors and business听officers conducted in 2019 suggested that innovative teaching and research ideas and initiatives could be stifled by our previous听budget model. Our previous model lacked transparency and the听flexibility to respond to external factors.
鈥淭he budget should serve as a tool for accomplishing our mission鈥 as a comprehensive public teaching and research university.
(Academic Futures Report, 2018)
The Goals for the New Model
- 笔谤辞惫颈诲别听greater flexibility听for strategic investments and to respond to the rapidly changing higher education landscape, including opportunities and crises that may arise.
- 滨苍肠谤别补蝉别听transparency, enabling听the campus community听to better understand and engage in budgetary discussions that further听the university鈥檚 mission and strategic objectives.
- Better reflect our values and priorities, instead of reflecting legacy decisions that may no longer be relevant.听
- Provide enhanced incentives to support and reward growth in key areas, respond to declines, and ensure accountability for the use and allocation of funding.
- Focus on the whole听allocation, and not just the incremental changes that might occur year-over-year.
Conversations held with campus stakeholders over the past few years point to a budget model that should:
- Reflect and execute the university's mission and priorities
- Be understandable, easy to manage, logical and transparent
- Promote and reward performance, success and innovation
- Foster trust and responsibility around decision-making
- Provide predictable funding to support our ability to be strategic in our planning