Â鶹´«Ã½ aims to transform its budget practices to better support its academic, research, and service mission. We have received feedback from budget stakeholders about frustrations and challenges with the current model and outputs. Â鶹´«Ã½’s existing budget uses an incremental methodology, which means that budgeting is based on last’s year’s budget with minor adjustments made each year to increase or decrease funding to the units. The current budget model limits innovation as there are insufficient incentives to reward units for entrepreneurship, growth, and financial stewardship. Further, the existing model lacks transparency which results in stakeholders having a limited understanding of the financial drivers that are impacting unit performance.
Is there a type of budget model already in mind for Â鶹´«Ã½?
No, there is no pre-determined type of budget model that will be used at Â鶹´«Ã½. Rather, this budget reform process will help us work through all the steps necessary to design and build a model that is specific and tailored towards the complexity of Â鶹´«Ã½ given it’s unique academic and research environment
How do I submit a question or provide feedback about this effort?
Questions and feedback can be submitted to budgetreform@northwestern.edu. We will respond as soon as possible.