Budgeting Basics Marcy Driscoll, Florida State University & Rick Ginsberg, University of Kansas

A NEW DEAN, A LOT OF CHALLENGES, A LOT OF PROMISE

Plans for the session

1. Sources of Money and Ways to Generate Revenue

2. Planning the Budget

3. Issues and Challenges

4. Tips For Success

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Sources of Money/Ways to Generate Revenue

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TABLE EXERCISE 1

What are the sources of revenue that go into building the budget in your School or College??

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Key Sources:

1. Tuition/Differential Tuition/Fees

2. Open faculty and staff lines

3. Carry Forward Funds

4. Profit from revenue generators (e.g. distance programs)

5. consider public/private partnerships

6. Development Funds

7. Grants/Contracts/Buy-Outs

TIP: Know who holds the dollars and the faculty lines,understand the splits of revenue

How Do You See Your Budget???

Table Exercise 2

Do you centrally control your budget, do your departments have separate budgets? What are the advantages of centralization versus decentralization?

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Planning Your Budget

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Considerations and Approaches:

1. Don't go it alone

2. Be Transparent

3. Know Your Budget Model (e.g. RCM vs. incremental, vs. mix)

4. Examine Your Costs

5. Highlight Greatest Needs

6. Tie to University Priorities

7. Consider Constraints - collective bargaining, pending cuts, etc.

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Issues and Challenges

Table Exercise 3

what are your biggest concerns related to your budget and budget planning?

CHALLENGES

Major Issues you will face:

the emotional side of leadership

risk tolerance

different types of money, different uses

Collective Bargaining

Centralized vs. localized services (e.g. IT)

tips for success:

1. understand your budget

2. get to know your budget director

3. work with the central administration Budget officials

4. Seek input from faculty and staff - work with your administrative team

5. talk to other Deans - have professional and emotional outlets

6. build as much cushion into your budget as the university allows

7. Incentivize faculty to pursue grants/support research!!

Credits:

Created with images by PublicDomainPictures - "achievement bar business" • Simon Matzinger - "A new day lies ahead." • DonkeyHotey - "Dollar Sign in Space - Illustration" • familymwr - "Army Photography Contest - 2007 - FMWRC - Arts and Crafts - Eye of the Holder" • Lulu Höller - "Signs of Philadelphia" • mikelehen - "Sign" • Jhong Dizon | Photography - "Bull Fight" • geralt - "success road sign traffic sign" • ToGa Wanderings - "Question everything"

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