Budget Response Teams
As part of the College’s Financial Stability Plan, two budget response teams have been formed and are leading efforts to examine opportunities to raise revenue and look for ways to cost costs and implement business process efficiencies.
Examining Opportunities for a Strong Financial Future
A key element of the College’s Financial Stability Plan is the generation of new sources of revenue and finding cost savings and efficiencies to support College operations. The campus community was called upon to share their ideas for cost savings and revenue generation. More than 150 budget suggestions were received and reviewed by Business Affairs staff. These ideas were consolidated into seven “big ideas”:
- Develop greater financial information
- Implement strategic sourcing to reduce the costs of expenditures
- Review and renegotiate contracts to generate cost savings
- Review current expenditures to reduce expenses
- Review personnel practices, implement changes where possible, and publicize opportunities to generate cost savings
- Review current business practices to streamline processes and improve operational efficiency
- Capitalize on our existing assets
Together these seven ideas provide a framework for a stronger financial future for the campus. Recognizing that developing this framework will take dedication and expertise, the College has formed two budget response teams:
- Revenue Generation Budget Response Team
- Cost Management and Business Process Improvement Budget Response Team
About the Revenue Generation Team
Looking for ways to generate revenue from our existing resources is critical for our long-term financial success. The College is fortunate to have many existing facilities and resources that could potentially generate revenue. But, it is imperative that we evaluate these opportunities thoroughly. The Revenue Generation Budget Response Team has been formed to play this important role.
The Revenue Generation Team is charged with reviewing revenue generation ideas, providing recommendations to the Vice President for Administration and Finance, coordinating efforts to implement ideas of merit, reporting the results of these efforts to the campus community, and encouraging submission of new budget ideas. Specific responsibilities include:
- Reviewing revenue generation budget suggestions
- Formulating new revenue generation ideas
- Recommending adoption of revenue generation ideas to the Vice President for Administration and Finance
- Coordinating the implementation of new revenue generation idea
- Evaluating the implementation and results of revenue generation ideas
- Reporting the results to campus stakeholders
- Developing a system to ensure ongoing solicitation and collection of revenue generation idea.
The team is sponsored by the Vice President for Administration and Finance and is chaired by the Assistant to the VP for Administration and Finance. The team is composed of representatives from the following departments:
- College Auxiliary Services
- Intercollegiate Athletics
- Institutional Advancement
- Management Services
- President’s Office
- School of Arts and Sciences
- Sponsored Research
About the Cost Management and Business Process Improvement Team
Exploring measures for reducing costs and creating efficiencies for our existing business practices is critical for our long-term financial stability. It is vital that we continuously evaluate cost saving opportunities of all magnitudes. The Cost Management and Business Process Improvement (BPI) Team has been established to assist with facilitating this essential function.
The Cost Management and BPI Team is committed to reviewing cost savings and business process improvement ideas. The ideas are researched and analyzed. Ideas providing a savings in expenditures and/or efficiencies are recommended to the Vice President for Administration and Finance. Accepted recommendations are implemented and the results of these efforts are reported to the campus community. The team is continuously encouraging the submission of new cost savings and efficiency ideas. Specific responsibilities include:
- Reviewing cost savings and BPI suggestions
- Identifying new cost savings and BPI opportunities
- Recommending adoption of cost savings and BPI ideas to the Vice
President for Administration and Finance
- Coordinating the implementation of cost savings and BPI ideas
- Evaluating the implementation and results of cost savings and BPI ideas
- Reporting implemented ideas and results to campus stakeholders
- Developing a system to ensure ongoing solicitation and collection of cost savings and BPI ideas
The team is sponsored by the Vice President for Administration and Finance, is chaired by the Facilities Accountant, and includes representatives from the following departments:
- Accounting Services
- Budget Office
- Financial Aid
- Human Resource Services
Updates from the Budget Response Teams
- August 2018
- Throughout the summer the Revenue Generation and Cost Management and Business Improvement Budget Response Teams have been busy reviewing budget ideas. The Cost Management Team has been focusing their efforts on six budget ideas and have implemented four ideas. The Revenue Generation Team has focused their efforts on four initiatives to date and have implemented one of the four. Highlights of the team's activities can be seen in the Cost Savings and Revenue Generation Updates for Campus Community (PDF)
- October 2018
- December 2018
- March 2019
- June 2019
Have a revenue generation or cost savings idea?
We want to hear from you!
The Budget Response Teams welcome any ideas that members of our campus committee have related to the additional revenue generation or cost savings opportunities. Please submit a budget suggestion and we will follow up.