University Budget Redesign

Our new budget process and model will be designed to enhance Virginia Commonwealth University’s mission, vision, core values and strategic direction.

Why now?

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 will 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 new budget process will encourage multiyear budget planning.

The budget redesign will allow VCU to make focused investments over time in our strategic plan and priorities. It will enable departments, schools and the college to adopt an entrepreneurial spirit and take calculated, well-informed risks to advance and support our goals. It will allow central support units to collaborate more effectively.

Our redesigned budget process and model will:

  • Emphasize innovation and collaboration as pathways to achievement
  • Enhance VCU’s commitment to accountability and integrity
  • Enable us to make strategic decisions that tap the capacity of our diverse university to serve our communities
  • Foster an entrepreneurial mindset among VCU’s faculty and staff that promotes innovations in teaching, growth in research and deeper engagement with our communities
  • Enhance the quality of education and services provided to students by supporting academic planning with transparent resource decisions
  • Support multiyear planning with better data and tools

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