One of the main priorities of this initiative is a more transparent budget allocation model that addresses UCF’s financial needs and encompasses our institution’s values, principles and goals. To this end, financial leaders across UCF were interviewed to better understand the redesign considerations and help the institution clearly define key objectives.
As a result of this process, the following Guiding Principles have been adopted to inform the budget model development process and communicate its objectives.
Ensure the resource management, planning, and allocation decisions are aligned with the institution’s mission as a public multi-campus, metropolitan research university.
Ensure transparency, accountability, and fiscal responsibility by requiring that all aspects of resource management are supported by data-informed decisions.
Align budgetary authority with responsibility and accountability.
Provide significant incentives for promoting efficiency, innovation, responsiveness and entrepreneurship using data-based decision-making.
Balance complexities of the economic realities with a methodology that is financially viable and easy to understand.
Distribute resources using a predictable and consistent methodology that allows for multiyear planning.