Purpose for Budget Model Transition
Transitioning from an incremental to an activity-based philosophy ensures the long-term financial sustainability of URI through the diversification of revenue streams, alignment of resources and decision-making authority, and establishment of incentives to reward operational efficiencies. This ensures that URI is well positioned to remain a leading research flagship university.
The development, implementation, and assessment of URI’s budget model is guided by the following principles:
- Rewards innovation, entrepreneurship, collaboration, and a “One University” mindset.
- Provides transparency, clarity, and predictability.
- Builds an environment of inclusive excellence.
- Fosters responsibility and accountability.
- Incentivizes increased academic quality, aligning core competencies and avoiding redundant offerings, or offerings that are misaligned with areas of expertise.
Timeline
| Date | Action |
|---|---|
| March 2024 | College Deans' retreat to discuss budget model mechanics and philosophy |
| August 2024 | College Deans' retreat to discuss budget model implementation and preliminary FY2025 budget model results |
| September 2024 | Budget Model management kickoff meeting |
| May 2025 | FSP-led engagement session focused on budget model implementation and FY2026 Allocation updates |
| July 1, 2025 | Budget Model is in place during a transition year, meaning colleges will neither be responsible for backfilling any shortfalls nor will retain any surpluses generated |
| August 2025 | College Deans' retreat to discuss FY2026 budget model results |
| FY2026 | Development of a formal subvention justification and decision making process |
| July 1, 2026 | Full implementation of budget model |
| FY2027 | Development of unrestricted fund balance carryforward and reserve policies |
| FY2027 and beyond | Ongoing monitoring and evaluation of the budget model |