UIC’s Budget Model will use the following overarching guiding principles to propose revisions and redesign of the budget model:

  1. Advance the university’s mission and strategic priorities.
  2. Balance incentives and rewards for innovation, revenue generation and cost containment with central funding for campus-wide initiatives.
  3. Emphasize transparency & accountability in the budget process.
  4. Promote financial stewardship and sustainability by examining pathways to offset growing costs through reinventing structures and ensuring responsible management.
  5. Simplify revenue and cost allocation methodologies.
  6. Encourage interdisciplinary collaboration.
  7. Optimize the delivery of business and related essential administrative services through an institution-wide commitment to customer service, best practices, and organizational efficiency and effectiveness.
  8. Consider high-impact practices and student success factors beyond enrollment data to improve retention and graduation rates.
  9. Minimize negative duplication and competition between colleges and administrative units.
  10. Offer adequate communication intervals to stakeholders with information about proposed budget model revisions, with appropriate opportunities to provide feedback for consideration by decision-makers before changes are implemented.
  11. Provide understandable links between resource allocation and revenue generation with rules that are predictable, clear and consistently applied.
  12. Produce a set of reliable, understandable data, planning forecasts and performance reports.