Like so many of the nation’s public universities that have been dependent on tax revenues, we must develop and improve our approach to resource allocation and planning to better align our financial resources with the university’s mission, vision, core values and strategic direction.
Provost Gail Hackett and VP for Finance and Budget Karol Kain Gray held university-wide information sessions in October and November 2017.
VCU’s current budget process and model no longer fit our needs. We are joining a wide range of higher education institutions that are moving from a traditional, largely incremental budget process to one that is more strategic, adaptive and inclusive of our resources. Our redesigned budget and planning process ensure we can continue to invest in what makes VCU distinctive: our commitment to students, research excellence, and engagement and impact within the community.
The budget redesign allows VCU to make focused investments over time in our strategic plan and priorities. It enables departments, schools and the college to adopt an entrepreneurial spirit and take calculated, well-informed risks to advance and support our goals. It allows central support units to collaborate more effectively in accomplishing our mission.
Our redesigned budget process and model will: