Fiscal resilience and flexibility are the goals of new budget allocation model
The university is launching a transformative effort to redesign its budget allocation model.
Chief Financial Officer Carla Ho’a and Executive Vice Provost for Academic Resource Management Ann Schmiesing are leading this highly collaborative, campuswide endeavor.
“Our current budget model relies on decisions made long ago,” Ho’a said. “The changing landscape of higher education has reinforced the need for greater financial flexibility and the urgency of ensuring our fiscal resilience into the future.”
The campus has engaged in conversations about the budget model for a few years. According to a recommendation in the 2018 Academic Futures report, the campus budget should be “a tool for accomplishing our mission.” In 2019, interviews with campus stakeholders suggested the current model lacked transparency and the flexibility to pursue new ideas and initiatives.
“Our budget model should promote and reward performance, success and innovation in alignment with our mission as a comprehensive public teaching and research institution,” Schmiesing said.
The project’s Strategic Alignment Committee received its charge from Chancellor Phil DiStefano at a Jan. 12 kick-off meeting. Committee members include deans, vice chancellors, strategic initiative leads, faculty, staff and students. As part of their work, they will engage with the CU Boulder community through town halls and other events.
“It is imperative that this project be inclusive of voices from all aspects of campus,” Schmiesing said.
Ho’a acknowledged that many CU Boulder staff members will support the committee’s work to develop and deliver a transparent budget model reflecting the university’s mission and priorities.
“I am so grateful to them and to the committee members for their efforts on this vital and ambitious project,” she said.
- Read more about the Budget Allocation Redesign Model process and how you can get involved with the engagement process.