Sarah Geegan

Latest E-newsletter on UK Financial Model

Published: Dec 12, 2013

LEXINGTON, Ky. (Dec. 13, 2013) — In a commitment to keep the University of Kentucky community informed and engaged in the process of transitioning to a new financial model, UK Provost Christine Riordan and Executive Vice President for Financial Affairs Eric Monday issued the latest newsletter with updates on the financial model. 

 

The e-newsletter was distributed Thursday, Dec. 12.  Following is the full message:

 

 

Dear Colleagues,

 

Over the next several weeks, we want to detail how different, major buckets of resources that flow into the university each year will be addressed with the new financial model. This week, we consider state appropriations — those dollars we receive from the General Assembly to fund our missions of education, research and service.

 

Currently, we receive approximately $284 million annually in state appropriations. That appropriation is the result of the budget that the Governor proposes every two years, which is usually modified and ultimately adopted by the state legislature.

 

The state does not have a formula for dividing those dollars among UK’s colleges, units and programs — except in cases where the state identifies a specific appropriation for a program like extension services, which operates in all 120 Kentucky counties. Those initiatives are often called mandated programs, and there are nearly 20 such initiatives at UK.

 

Under the new financial model, mandated or directly funded programs will continue to operate as they do now. Moreover, as state funding increases or decreases, the colleges or units where those mandated programs are housed will have the responsibility to consult with the Provost and the EVPFA to make decisions about how -- and whether -- to supplement or modify funding for those efforts.

 

That leaves about $200 million annually. Under the existing incremental budget model, central administration largely makes the decisions regarding how state funds are allocated.

 

Under the new, values-based financial model, a transparent formula will be used to allocate the dollars, focusing on our success in achieving our most critical missions. Our goal is to unleash the creativity and intellectual power found in our colleges and units -- focused intently on our promise of nearly 150 years to provide education, conduct research and render service that changes Kentucky and our world.

 

We are continuing to talk with deans and other academic leaders to discuss the formula for allocation of state dollars and where, if necessary, adjustments should be made in the interest of fairness, collaboration and transparency.

 

What's most important, perhaps, is that the new financial model will provide everyone with a transparent look at how the dollars flow throughout the university from this important source of funding. As always, if you have questions about this topic or others related to the model, please don't hesitate to contact us at financialmodel@uky.edu.

 

 

 

MEDIA CONTACT: Sarah Geegan, (859) 257-5365; sarah.geegan@uky.edu

financial-plan-final.png
December
 
1
Resumes and Cover Letters
Circle of Love Gift Return
Mon
2
UK Guitar Studio
Circle of Love Gift Return
Tue
3
Networking and Job Search
Internship Info Session
LNFS Presents: Wayne's World
Study Sounds: Classical Concert
Wed
4
LNFS Presents: Frozen
Ballet Music of Tchaikovsky
Circle of Love Gift Pick-Up
Live Screening of Orion Spacecraft Re-entry
Massage on the Go
Thu
5
LNFS Presents: Winter's Bone
LNFS Presents: Gremlins
Open Studio
Circle of Love Gift Pick-Up
Fri
6
Snow Skiing @ Perfect North Slopes
Sat
7
Free Holiday Shopping Shuttle to Fayette Mall
Sun
8
Undergraduate Research Information Session "How to Find a Faculty Mentor"
Mon
9
Job Club - Identifying Your Skills
Paws for Stress Relief
Tue
10
 
Wed
11
 
Thu
12
Last Day of Classes
Fri
13
 
Sat
14
Free Holiday Shopping Shuttle to Fayette Mall
Finals Treats
Sun
15
Final Exams
Crunch Brunch
Mon
16
Final Exams
Jazzy Holiday Concert
Tue
17
Final Exams
Caregiver Support Group
Wed
18
Final Exams
Thu
19
Final Exams
End of 2014 Fall Semester
Fri
20
 
Sat
21
 
Sun
22
 
Mon
23
 
Tue
24
 
Wed
25
 
Thu
26
 
Fri
27
 
Sat
28
 
Sun
29
 
Mon
30
 
Tue
31
 
Wed
 
 
 
Jan 14
Bicycle Trivia 01/14/2015

Wed, 01/14/2015

Fri, 01/16/2015

Wed, 01/21/2015

Reset Page