Timeline: A thoughtful and measured process

The University Budget Redesign has been and will continue to be an inclusive process involving representatives and input from the college, schools and major administrative units at Virginia Commonwealth University. The redesign involves several phases of work.

Phase 1: Research and conceptual development

(July 2013-December 2015)

  • Steering committee charged and organized
  • Task force established with representatives from schools, college, major administrative units and the Faculty Senate
  • RFP issued and consultant hired to guide VCU community in budget redesign
  • Steering committee and task force gather information on key elements of VCU’s current budget process and model
  • Task force reviews budget models and processes from other institutions, including University of Alabama, Birmingham; University of Missouri, Kansas City; University of Cincinnati; University of Illinois, Chicago; and Indiana University-Purdue University Indianapolis

Phase 2: Develop strategic framework

(January-December 2016)

  • Task force establishes several working groups charged with developing recommendations in the specified area: Administrative Assessment and Benchmarking; Central Cost Allocation; Tuition, Fees and Enrollment Forecasting; Research Income and Expenses/FACR; Financial Aid; and Budget Education and Communications
  • Updates provided to Faculty and Staff senates (May-June 2016)
  • Working groups presented their recommendations to the task force (October 2016)
  • Task force provides comments and forwards recommendations to steering committee for review and action
  • Updates provided to Faculty and Staff senates (Spring 2016) and Council of Deans (second half of 2016)
  • Communications plan initiated (November 2016)

Phase 3: Preliminary model development and analysis

(January-June 2017)

  • Steering committee reviews and acts on initial recommendations of task force (January-March 2017)
  • Office of Budget and Resource Analysis staff develops preliminary budget model based on steering committee’s decisions
  • Analyses of preliminary model results reviewed by steering committee and University Budget Committee (January-May 2017)
  • Meetings with deans and finance officers to solicit questions and ideas about preliminary model decisions (January-March 2017)
  • Meetings with deans and finance officers to review FY18 parallel reporting results (May-June 2017)

Phase 4a: Implementation for parallel reporting and process development

(July 2017-June 2018)

  • Continue operations under current budget model
  • Preliminary redesigned model is used to generate comparative information for unit leaders during the fiscal year
  • Annual budget development process revised to accommodate new budget tools, data and timeline
  • Open forums held to solicit questions and ideas from faculty, staff and students (beginning Fall 2017)

Phase 4b: Model refinement and finalization

(July 2017-June 2018)

  • Comparative analysis of current and redesigned models to identify key implementation decisions and unanticipated issues
  • Adjustments made to model by Steering Committee as appropriate by December 2017

Phase 5: “Steady state” implementation

(July 2018-June 2019)

  • Final redesigned budget model implemented; all unit budgets maintained in “steady state” (i.e., adjustments made to generally maintain unit budgets at FY18 levels)
  • Units develop plans for operating under model beginning in FY 2020

Phase 6: Full implementation

(July 2019-ongoing)

  • University operates fully under redesigned budget model
  • Budget elements and policies regularly reviewed