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Process

The Steering Committee ultimately decided to conduct a phased roll-out of the redesigned budget model, to ensure that the model ultimately developed would be exceptionally durable and that all units—academic and administrative—would be sufficiently prepared for “go-live.” Accordingly, a three-year implementation approach was selected, and is outlined as follows:

  • Full year dedicated to the design and development of the model, relevant processes, its governance structure and policies
  • One year “parallel process,” where the University continues to operate according to the rules of its historical budgeting process, but reports will be available to illustrate how the institution would look from a financial standpoint if it were operating according to the rules of the redesigned model (Fiscal Year 2015)
  • One year “hold harmless/hold benefit” period where the units operate according to the rules of the redesigned, incentive-based model, but the financial impact of any decisions—negative or positive—are managed centrally, to allow for identification/remediation of any unintended consequences (Fiscal Year 2016)
  • This phased implementation timeline allows for:
    • Emerging data and process issues to be addressed
    • Remediation of inaccurate or non-existent budget data for some fund types
      • Designated fund “budgets” are equal to the funds’ prior year ending balances, regardless of anticipated expenditures against them in a subsequent year
      • Sponsored fund “budgets” are equal to the total amount of open awards at the institution, regardless of anticipated expenditures or draw-downs against grants in a subsequent year
    • Colleges to take a preliminary attempt at all-funds budgeting  in FY15, at least at a high level (i.e., total designated)
    • Identification of solutions to any inaccuracies that emerge in the Colleges’ first attempt at all-funds budgeting
    • Increased familiarity with Hyperion Planning across the institution
    • Sufficient time to uncover additional data or process issues that require resolution prior to go-live