Capital Finance Advisory Committee will focus on prioritizing building funds; Resource Allocation Model Committee will offer recommendations on using current financial resources
March 16, 2017
Christian Basi, BasiC@missouri.edu, 573-882-4430
COLUMBIA, Mo. — University of Missouri administrators have announced the creation of two budget committees that will advise administrators on specific aspects of the MU budget as the university is facing significant cuts to its core revenue from the state. Student, faculty and staff representatives will serve on the committees.
“It is my goal that we all share in making the recommendations that will have a lasting impact on the university,” Interim Chancellor Hank Foley said. “The way we determine our budget priorities, including our capital improvements, will set the course for maintaining and building on our research excellence and the overall student experience at Mizzou. It is important that the campus work together to determine our way forward.”
The Resource Allocation Model Committee will explore how the campus can make the best overall investments of its financial resources. Objectives of the committee include promoting transparency, assuring financial responsibility and accountability, encouraging innovation and creativity, and enabling rapid responses to opportunities as they appear.
The committee will be charged with consulting on the design and implementation of a new resource allocation model for the university. This will be accomplished by providing input on:
- Guiding principles and processes for resource allocation.
- Methods to cover overhead and ongoing operational costs, including utilities, central office/shared-service functions such as human resources, finance, marketing and communications, enrollment management, and information technology.
- Creating incentives at the unit/division level to encourage the entire university community to commit to the same goals.
The committee will be led by Vice Chancellor for Finance Rhonda Gibler and Executive Vice Chancellor for Academic Affairs and Provost Garnett Stokes. Members of the committee include four faculty members (two nominated from Faculty Council and two nominated from the campus), two staff members (one nominated from staff council and one nominated from the campus), three students (one nominated from the Graduate Professional Council, one nominated from the Missouri Students Association, and one nominated from the campus), and three leaders nominated from the campus.
The Capital Financing Advisory Committee will make recommendations to the chancellor on financing options for capital (building) improvements. Specifically, the committee will provide recommendations for:
- Procedures and plans for the development of capital financing options.
- Prioritization for new capital fund allocations.
- Prioritization of existing resources allocated for capital improvements.
- Procedures to screen and prioritize requests for capital improvement funds.
Members of the committee include four faculty members (two nominated from Faculty Council and two nominated from the campus), two staff members (one nominated from staff council and one nominated from the campus), three students (one nominated from the Graduate Professional Council, one nominated from the Missouri Students Association, and one nominated from the campus), and three leaders nominated from the campus. Additionally, Gibler, Stokes and Vice Chancellor for Operations Gary Ward will serve as ex-officio members.