University Budget Model Enhancement

The University of Florida implemented an RCM-based budget model in 2011. The goal of this model was to provide campus units with new incentives, enhanced transparency, and increased accountability when it came to allocating the University’s resources. In 2016, UF conducted a comprehensive review of its RCM model which resulted in refinements to the model that simplified many model mechanics to improve the holistic understanding and usability of the model.

Now, more than a decade after the model’s initial implementation, UF is once again reviewing its RCM model to ensure the University’s model aligns with industry-wide best practices. This process was started in the Summer of 2021 and is expected to last until the Summer of 2022. This webpage details the process in more detail.

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Background

Starting in the Summer of 2021, UF conducted a comprehensive review of its current RCM-budget model. This review included detailed benchmarks of UF’s budget model to industry best-practices, broad stakeholder interviews, and the expertise of Huron.

This review identified more than 50 potential opportunities to enhance the University’s budget model. From there an engagement Steering Committee was charged with narrowing down the 50 opportunities into high-priority, short-term enhancements. This resulted in 7 prioritized enhancements, depicted below, that are currently being implemented over the next several months. Other potential enhancement opportunities may be considered after the completion of the 7 priorities.

The comprehensive report which outlines these 7-enhancements in greater detail can be found here.

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Each of the 7 identified priorities is being led by a specific implementation team. Additional details and membership of these teams can be found under the implementation section of this website. The overall engagement is being guided by an Engagement Working Group which will help coordinate and advance the budget model enhancements over the next several months.