Budget Assessment and Implementation Initiative
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As the university works towards our strategic plan priority of controlling our own destiny, we have tasked ourselves with creating, managing, and investing in our financial, human, and physical resources to support the mission of the university. To do so, we need to think through opportunities to generate and align financial resources with our strategic plan. The first big step in doing this begins with the assessment of our current budget process with the intent of identifying and adopting a new model that is best fit for UW-Platteville.
We have partnered with Huron Consulting Group in this endeavor. Huron has helped design budgeting and financial planning models at over 30 higher education institutions and they have a legacy of successful partnerships with our campus and other University of Wisconsin campuses.
We have engaged the university community in this process as we seek to learn more about the strengths and weaknesses of our current budget model, and work towards becoming more intentional in the allocation of resources to meet our strategic goals.
Below you will find updates and highlights from the process thus far.
• March 2015 | Huron Consulting, the Budget Office, and Deans engaged others on campus to review the initial proposed model methodology for feedback. The Steering Committee has been working together since the beginning of the year to create the draft model.
• December 2014 | Huron shared the results of an analysis that evaluated the current flow of funds, financial incentives, process and timeline, and management reports’ alignment to the guiding principles. At the conclusion of the month, the Steering Committee shared the proposed guiding principles with the Chancellor, who then approved them.
• November 2014 | Draft guiding principles were shared with the university community, and a series of open forums were held to solicit feedback.
• October 2014 | Steering Committee members identified and proposed a set of guiding principles. An open panel discussion was held with representatives from various higher education institutions who discussed resource allocation models being used across higher education.
• September 2014 | Open sessions were held to provide an overview of budgeting in higher education and discuss the initiative’s timeline. The Steering Committee met in late September to discuss preliminary guiding principles and created a draft set to govern the overall initiative.
• The Steering Committee concluded its development efforts for an initial model in April. Based on this discussion, the proposed model methodology will be shared across campus for feedback and scheduling across various stakeholder groups is currently underway.
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