As we move away from SRM, the University’s budget model will become a hybrid model. We will return to an incremental budget model, with an opportunity for colleges to participate in revenue share.
Incremental budgeting – each unit begins with its prior-year base budget, which carries forward into the new fiscal year. University leadership may make targeted adjustments based on institutional priorities, available resources, or other changing circumstances. Allocations that were made related to the SRM model for revenue, space and the University Participation Assessment are no longer applicable.
Revenue share – tuition revenue and enrollment targets are set annually for each tuition producing college. Tuition revenue surplus or short-fall is shared by the colleges and central administration. Revenue share will be on a one-time (not permanent) basis, annually. The Provost office will administer the specific revenue surplus or short-fall shares among the colleges.
The Office of University Budgets and Financial Planning is dedicated to advancing the missions and goals of Western Michigan University through effective technical assistance, training and support to University administrators and departments in developing and implementing short and long-range financial plans.
Our goals are to provide transparent financial resources and reporting that support internal planning and to increase the effectiveness and efficiency of strategic decision-making that brings the financial, organizational and strategic mission of the University together to deliver a first-rate and positive student experience. We engage the campus community in high-quality, responsive and effective budgeting and financial services.