Budget Assessment Initiative Under Way at UK

LEXINGTON, Ky, (Feb. 7, 2012) — The following letter from University of Kentucky College of Pharmacy Dean Tim Tracy was sent to UK faculty and staff members yesterday to update them on a budget assessment initiative under way at the university.

Dear Colleagues:

I am writing to let you know about the formation of a Steering Committee to assess our current budgeting process and to recommend to President Capilouto a new approach that best supports the University of Kentucky’s mission and strategic goals.

The twelve-member Steering Committee (see membership below) comprising deans, faculty members and staff will: (1)  assess the current state of UK’s budgeting and financial management, and use this as a foundation to ascertain what may be working to our advantage and what may be impeding our resource development and deployment; (2) develop desirable characteristics of and principles to govern the specification of a new and transparent “University of Kentucky Way” of budgeting; and (3) parlay this work into a baseline framework for moving forward.  Our work as a Committee will reach out to a broad array of stakeholders to assure strong participation and two-way communications.  We expect to complete this first phase of work in approximately twelve weeks.

The principles and framework will be designed to:

• Assure that future strategic investments will align with UK’s mission

• Answer the question of how revenue development can and should be incentivized

• Articulate the relative roles, responsibilities and authority of stakeholders

• Provide clear sight lines into all of UK’s sources and uses of revenues

• Provide the information and decision support tools necessary to support strategic development and allocation of resources

The principles and framework will NOT be designed to:

• Address the appropriateness of any school or unit budget or funding level

• Implement a set of cost reduction or job reduction initiatives

• Suggest that any units should be closed or that the University only participate in “financially profitable” activities

The Huron Consulting Group has been engaged to provide staff support for this effort.

Over the next several months, we intend to provide frequent, ongoing communication and updates as to our progress and accomplishments.  Please feel free to contact me at (tim.tracy@uky.edu or 257-7896). I look forward to working with you on this important initiative.

With Best Regards,

Tim Tracy, Committee Chair

Steering Committee membership:

Timothy Tracy           Dean, College of Pharmacy and Committee Chair

Jonathan Burns       Department Administrator, College of Pharmacy

Penny Cox                Associate Vice President, IT

David Hulse              Professor of Accountancy

Mark Kornbluh         Dean, College of Arts & Sciences

Mary John O'Hair     Dean, College of Education

Patricia Polly             Acting Assistant Dean for Finance, College of Medicine

Marcus Randall        Professor of Radiology

Stephen Sizemore   Assistant Dean, Libraries

Scott Smith                Dean, College of Agriculture

Kenneth Troske       Professor of Economics

Bob Wiseman           Vice President, Facilities Management