In order to meet the growing interest in the campus budget and financial decision-making, the Office of the Vice Chancellor-CFO developed a high-level “dashboard” which creates a transparent and easily accessible way to share financial information. It includes an overview of the multi-year deficit reduction plan, FY2017-18 divisional budget improvement targets, visual summaries of the FY2017-18 campus revenue generation plans, as well as outlines trends in private giving, capital renewal, and headcount. Providing this information allows collaboration, supports financial decision-making, and serves the University’s Operating Principle, “We are accountable to each other.”
Each division developed a customized dashboard in the second month of a six month process to guide discussion during the iterative FY2017-18 budget process. The dashboards include a high-level overview of the division’s strategy, which enables strategy to drive financial decision-making. The divisional dashboards facilitate conversation as divisions review opportunities, discuss strategic trade-offs, and consider multiple revenue sources to support the academic mission. Each division’s priorities may shift as strategies are re-aligned. The targets reflected in the dashboards are original targets, which may be adjusted to account for strategic decisions, operating anomalies, or other changes.