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VCU Budget and Resources Analysis

Budget Process Transformation

Welcome to the Budget and Resource Analysis website

We’ve spent the past couple of years working on VCU’s budget process in a collaborative effort with financial experts in the university community. Hopefully you have heard about it and saw some improvements in information flow.

We know VCU’s budget is important to you.  Nothing says as much about the priorities of an organization — whether it is a family, a private corporation or a major public urban research university — than how it allocates its finite resources. And, how we allocate our resources is called the budget.

You have heard it many times.  VCU went through a number of years of dwindling state support. From FY 2008 to FY 2012, VCU lost $63.5 million in annual state funding support. As a result, the budgeting style within the VCU community can probably best be described as “reactionary” and “incremental.”

To be effective, we have to change that. VCU adopted a strategic plan, Quest for Distinction. We know what our priorities are and, as a community, we are focused on those priorities. We have to be sure our resources align with that plan to succeed.  And that the members of the VCU community understand how budget decisions are derived.

The university community should understand how the budget is put together: what forces drive and affect this budget, what constraints we work within. We need good ideas and best thinking from across the institution and from other “best practice” organizations in developing the budget.

The Office of Budget and Resource Analysis, the financial experts in the Provost’s Office, the Office of the Vice President for Health Sciences , the Office of the Vice President for Research, and the Faculty Senate worked over a two year period to increase the knowledge base surrounding VCU’s budget and our current processes.

This was a work in progress.  And the next step is the development of a new budget model. We don’t have all the answers to this yet.  So, we look to you, the university community, to help us find the best approach as we move forward.

Thank you in advance for your assistance and your patience as we move forward.