University Budget processes under review

As we begin this New Year we wanted to bring you up to date on the review of the university budget policies and processes that has been underway for several months.

A University Budget Review Task Force has been meeting twice monthly since September to look at everything from the timing of budget setting to how various aspects of unit and college budgets are funded. The task force is overseen by a steering committee comprised of all UF academic deans and Vice Presidents, with a goal of evaluating what works and what doesn’t in the budget process.

The task force is being asked to make recommendations concerning:

  • How to simplify the budget model and make it predictable, clear and in line with UF’s strategic goals
  • How revenue is  allocated to colleges
  • How to fund strategic priorities
  • How to incentivize specific activities, such as research

 The review was initiated by the Office of the CFO as a result of common concerns with the current model, such as:

  • the complexity of the current model
  • the timing of allocations to colleges and its effect on planning
  • the ineffectiveness of the weighting system for student credit hours
  • the methodology for subvention
  • returned overhead distribution

The task force has generated a number of ideas that are currently being evaluated for feasibility. Once that evaluation process is complete, recommendations will be brought forward for consideration by university leadership and stakeholders.