Why a New Model?
Our previous budget model hada number of challenges.
In our previous model, funding allocationswere made each year based on legacy decisions made long ago, and at different times. Only a very small percentage of revenues might beavailable in a typical year for investment in mission-aligned projects or activities. Interviews with deans, vice-chancellors and businessofficers conducted in 2019 suggested that innovative teaching and research ideas and initiatives could be stifled by our previousbudget model. Our previous model lacked transparency and theflexibility to respond to external factors.
“The budget should serve as a tool for accomplishing our mission” as a comprehensive public teaching and research university.
(Academic Futures Report, 2018)
The Goals for the New Model
- ʰDZgreater flexibilityfor strategic investments and to respond to the rapidly changing higher education landscape, including opportunities and crises that may arise.
- Գtransparency, enablingthe campus communityto better understand and engage in budgetary discussions that furtherthe university’s mission and strategic objectives.
- Better reflect our values and priorities, instead of reflecting legacy decisions that may no longer be relevant.
- 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 wholeallocation, 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