Budget & Budget Advisory Process Scope

Provide greater stability for financial planning by enhancing the general understanding of budget-related goals, priorities, timelines, and impacts over longer time frames.

• Establish clear(er) links between financial and academic goals and reduce ambiguities
• Ensure that the timelines for budget processes aligns with other relevant decision-making timelines

Improve effectiveness of the Budget Advisory Committees (BACs) by evaluating and refining their purpose and charge; standardizing documentation, membership, and operating procedures; and clarifying their decision-making authority.

• Clearly define the purpose, responsibilities, and scope of authority for the BACs
• Standardize documentation, procedures and membership for the BACs
• Review and respond to input received regarding operations and expectations of the BACs

Synchronize BAC process with the overall budget cycle, particularly as it relates to decision making, to ensure that institutional decisions incorporate feedback from the BACs.

• Ensure BAC meeting schedules align with relevant budget and institutional timelines
• Ensure BAC input is incorporated into senior leadership meetings when necessary or appropriate

Develop a framework and process for periodic review of the tuition split formula and metrics as part of an overall strategy to ensure alignment with academic priorities and strategic goals.

• Develop framework for ensuring revenue allocation methodologies support University goals
• Model and share impacts and outcomes of potential changes to formulas or metrics
• Develop time frame and process for assessment