Work continues to put together the budget for Fiscal Year 2016, using a set of budget concepts developed in conjunction with the Budget Work Group.
University departments submitted funding requests in December 2014 and the Budget Office is reviewing the requests. The next phase of the process will be late winter/early spring meetings with the individual budget units to review their submissions and discuss the methodology used to derive a preliminary budget allocation by applying the new budget concepts. It will be a collaborative process and an opportunity for budget managers to better understand the new model.
There is still a great deal of work ahead. Even after the meetings to discuss the requests, additional adjustments will likely be necessary to account for outcomes from the work of the Marshall 20/20 Implementation Teams, as well as the results of the current legislative session and the state budget process. Another cut in state appropriations is expected, but the exact amount is not yet known.
An additional significant component in the budgeting process for Fiscal Year 2016 will be reworking the university’s 2015-16 tuition and fee schedule to fit the new budgeting model. The goal will be to end up with a tuition and fee schedule that will make it easier for students to understand and predict their tuition bills.