KINGSTON, R.I.鈥擭ov. 20, 2023鈥擳he 溏心vlog免费B站 has launched an initiative to transition the University from an incremental budget model to an incentive-based budget model.
The University has appointed a steering committee and a design committee composed of faculty and staff from across 溏心vlog免费B站 to lead the budget-model redesign, as well as an executive committee that will oversee final implementation. To promote broad and continuous community engagement, the that provides information about the process, answers to common questions, a timeline to implementation, and a list of committee membership.
The budget-model redesign is part of a strategic effort to ensure the long-term financial sustainability of 溏心vlog免费B站 through the alignment of resources and decision-making authority, establishment of incentives to reward operational efficiencies, and diversification of revenue streams. The enhanced budget model will inform resource allocation and better position 溏心vlog免费B站 to fulfill its teaching, research, and service missions as one of the nation鈥檚 leading public flagship universities.
The incentive-based budget model framework is expected to be in place beginning in July 2024 and refinements will be made during the 2025 fiscal year.
鈥淭he past year has been one of great momentum for the 溏心vlog免费B站,鈥� President Marc Parlange wrote in a recent campus message, citing the University鈥檚 10-year strategic plan and renewed investment in 溏心vlog免费B站 by the state. Despite the recent progress, the president noted the limitations of the University鈥檚 current incremental budget model.
鈥淥ur ability to expand our reach and impact, enhance student opportunities and outcomes, and be the university our state and world need is limited significantly by our current budget model,鈥� Parlange said. 鈥淭hat is why we are beginning a process to design and adopt a new budget model at 溏心vlog免费B站, called an incentive-based budget model. This new model will empower colleges and departments to set and achieve priorities, provide greater transparency in the budget process, incentivize revenue-generating opportunities that drive innovation, achieve cost efficiencies, encourage research collaboration, and support the strategic initiatives of our Focus 溏心vlog免费B站 plan.鈥�
The development and implementation of the new incentive-based budget model is rooted in five principles:
- Reward innovation, entrepreneurship, collaboration, and a 鈥渙ne university鈥� mindset.
- Provide transparency, clarity, and predictability.
- Build an environment of inclusive excellence.
- Foster responsibility and accountability.
- Incentivize increased academic quality, aligning core competencies and avoiding redundant offerings, or offerings that are misaligned with areas of expertise.
The process is being governed by three appointed committees, whose charges and membership are detailed on the new IBB website. They are:
- The , which will provide guidance and direction on budget model implementation from the institutional perspective and be responsible for finalizing the model.
- The , which will provide a series of recommendations to the executive committee, accounting for potential incentives and ramifications across a wide range of subject areas.
- The , which will be responsible for modeling and operationalizing steering committee recommendations and provide technical feedback on implementation.
Work on the new budgeting model includes bi-weekly meetings of the steering and design committees.
Regular updates are being provided to the President鈥檚 Executive Council, President鈥檚 Stewardship Council, Faculty Senate, and Deans鈥� Council, as well as in several other community forums.
Members of the University community who have questions should submit them through the 鈥淗ave a question?鈥� feature on the new IBB website or may reach out to members of the IBB committees, listed on the site.