Our Budget Redesign Framework

The University will identify and implement a new budget framework that will provide long-term resiliency and financial stability while fostering innovation and excellence.

November 2024 - December 2024

Governance

Organize a governance structure that strikes the appropriate balance of strategic decision makers and tactical practitioners

December 2024 - January 2025

Guiding Principles

Develop principles that will serve as the institution's 'North Star' when evaluating and selecting new process and methodology options

January 2025 - March 2025

Budget Process & Timeline

Revisit the ways-of-working to effectively manage the institution's financial planning and management

February 2025 - April 2025

Model Allocations

Develop, test, and refine the cost and revenue allocation methodologies in a manner that aligns to guiding principles and positions the institution to invest strategically

May 2025 - June 2026

Budget Model Implementation

Develop implementation plan, run new budget model in parallel with current model. Refine new model as needed.

July 2026

Budget Model Deployment

Deploy new budget model starting in fiscal year 2027.