Since FY 2023, the Budget Model Redesign effort has made substantial progress, including developing project proposals, communicating budget reduction targets, and collecting stakeholder feedback. Workgroups established in fall 2024 are now focusing on key areas of the redesign, working to finalize allocation models and submit recommendations to the Senior Leadership Team (SLT) for approval by March 2025, with implementation planned for June/July 2025.
Throughout this process, all deans and finance directors will receive regular updates and have the opportunity to provide input and feedback. More information about each phase can be found by clicking on the expandable sections below.
Prework – FY 2023 & FY 2024
- Develop project proposals to guide the redesign process
- Communicate and allocate budget reduction targets
- Hold listening sessions to gather feedback and input from stakeholders
- Introduce a new academic planning process
- Conduct monthly financial reviews with the Senior Leadership Team (SLT)
- Perform a comprehensive current state analysis of the existing budget model
- Provide guidance and developed the FY 2024/2025 incremental budget
Project Approval – August 2024
- The Senior Leadership Team (SLT) grants conditional approval of the project’s governance and structure
Launch – September 2024
- Provost announces the Budget Model Redesign
- IDC Workgroup officially launches
- Committee and workgroup charges and rosters are finalized
- Communication plan is developed and finalized
Sprint 1 – October 2024
- Budget Model Redesign Executive Committee initiates
- Cost of Space Workgroup kicks off
- Allocation modeling begins
- Website launches
- Community receives updates
Progress Updates – December 2024
- Workgroup progress reports are due
- Allocation model is proposed to the Executive Committee
- Updates are provided to the community
Sprint 2 – February 2025
- Workgroups finalize recommendations
- Half-year and full-year FY 2025 modeling with proposed allocations is completed
- Processes and procedures are drafted
- Updates are shared with the community
Approval – March 2025
- Workgroups’ final recommendations are due
- Executive Committee’s final recommendations are submitted to the Senior Leadership Team (SLT)
- SLT approves the FY 2026 budget model
- Updates are provided to the community
Implement – June 2025
- FY 2026 budget is finalized based on the new model
- Training is conducted
- Updates are shared with the community
- Plan for post-implementation assessment of the new model is articulated