The IU Bloomington budget redesign process is progressing successfully. The Budget Model Redesign Steering Committee, which includes fiscal officers from academic units, deans, and representation from the BFC, is guiding development of the budget model framework and design of the conceptual model. The new model re-envisions long-term planning and resource utilization to prioritize key goals of the IUB 2030 strategic plan while continuing to strengthen the individual academic and research missions of the College of Arts and Sciences and each school.
The Budget Model Development and Solutions Team, which includes fiscal officers and other financial data experts, provides additional refinements through analysis, input, and outreach to other financial leaders and campus partners as needed.
While the budget model will continue to evolve as more data is gathered and impacts are understood, the committee’s goal is to create a hybrid, data-driven model with transparency, predictability, accountability, and a commitment to fiscal resiliency. The following guiding principles, developed by the Steering Committee, will shape the design of the new model.
Guiding Principles
- The budget process and budget model should facilitate attainment of IUB’s mission, values, and strategic plan by supporting and reinforcing policies and priorities developed collaboratively among leadership at the university-, campus-, and unit-levels.
- Resources should be allocated to units through a consistent, equitable, straightforward methodology that fosters predictability and transparency, preserves flexibility to fund emerging priorities or urgent needs, and minimizes harmful competition between units.
- Deans, Vice Provosts, and other unit leaders are incentivized to foster excellence in teaching, research, and creative missions; student success and experience; and innovation, collaboration, and interdisciplinary activity.
- The financial model prioritizes investments in teaching, research and creative excellence while balancing strategic priorities and needs for the common good.
Operational Guidelines
- In partnership with identified stakeholders, the campus will conduct frequent reviews of the budget model to minimize unintended impacts and regularly improve the model.
- To facilitate unit- and campus-level goals, the Office of the Vice Provost for Finance, Administration & Budget will provide reliable, timely, transparent, and actionable data, planning forecasts, and performance reports, communicating frequently with all units, including the Bloomington Faculty Council.
Please note that while the budget model is a methodology for allocating resources, it does not create new revenue, nor is it designed to address strategic unit-level fiscal issues. When unit leaders report ongoing fiscal challenges, their unit may be pulled out of the model until fiscal health is regained.