REIMAGINING INITIATIVE PRIORITY: Develop a new budget allocation model

Budget allocation slides from 12-12-22 Board presentation

Click HERE to view the Dec. 12, 2022, slideshow presentation to the Board of Trustees

Project 1: Develop new parameters for college ownership on float and carry forwards

To allocate existing resources in a more balanced and efficient manner (as impacting B-budgets).
To reflect realistic budgetary needs in supporting programs and services for students.
To identify on-going vs one-time allocations and establish clear parameters for funding these allocations.
To identify how to support one-time allocations or emergency resource needs in a consistent and balanced manner.
To establish and document the criteria and reassurances needed to address concerns from the colleges which will enable data-informed decision making versus decision making due to fear of llosing resource allocations.

Project 2: Develop the full COLA Allocation Model for 2023-24 to address funding needs for ongoing and inflationary operational costs and total compensation (which includes salary/payroll and health benefits)

Establish a predictable and consistent model that can be relied on long-term with opportunities for one-time additional monies or resources to be discussed when such resources are available.

To define the parameters and criteria for current, mandated, and negotiated institutional obligations.
To address how we can allocate new resources across the colleges and central services while ensuring operational stability and prudent reserves.
To clearly establish a model with an emphasis on operational stability so that staff and student focused needs can be met for both short-term and long-term resource needs.
To establish how to consistently meet fiscal needs including addressing total compensation.
To have a clear, understandable, and transparent model with and documented process for how cost of living adustments (COLA) are to be allocated in future years.