Consultants to review, recommend budgeting model
Consultants are on campus to review the University of Louisville budgeting process and recommend a model for the future.
Last year, President Ramsey asked me to work with an ad hoc group to review UofL's budgeting model. We use a highly centralized incremental budget approach, and have for many years. But is it the best way for us to budget?
After looking at our process, the group decided, and the president and I agree, that we should rethink the budget model we use. We have hired Huron Consulting Group of Boston to help us do that.
Representatives from Huron are on campus to collect information about our process - including its strengths and shortcomings - and to audit academic and support unit budgets. These are the first steps in the budgeting redesign process.
We've asked them to help us develop a model that is incentive- and performance-based.
Huron will complete its work in October. We will receive a recommended budget model and implementation process, an implementation timeline and a recommended model and methodology for re-basing unit expenditure budgets.
We know that communication with and training of staff, faculty and administrators throughout the university will be paramount for the success of the new budgeting process. Expect to hear more from us throughout the process and into the implementation phase.