The University will assess the viability of low-performing units, align fiscal policy with strategic targets, set spending levels and expected returns for academic programs and adopt institutional funding models and rolling budget cycles. WT will recruit, reward and retain human capital (talent). To do so successfully and over time, the University will lead among its peer institutions in terms of strength of salary and overall compensation. WT will continuously review outsourcing of services and will hand to the private sector operational aspects that the University is not well-suited to deliver. Since the primary method for the state to compensate the University is semester-credit-hour (formula) funding, the University should adopt fiscal policy and budget practices that reward growth as one part of a multi-faceted allocation model.
Metric: Strengthen institutional processes and priorities for resource effectiveness.
Metric: Enhancement of costs structure.
Metric: Decision Empowerment: Fiscal transparency will be structured to occur at the appropriate level of the organizational hierarchy. Such action will ultimately lead to a better locus of control and more effective fiscal decision-making. Relevance, sustainability and viability programmatic cost/revenue streams and implications (of fiscal decisions/initiatives) should occur at ground level.
PROGRAMMATIC COST/REVENUE STREAMS Programmatic costs, both budgeted and actual, will be analyzed annually. All initiatives will include expected financial metrics that are measurable.
BUSINESS PRACTICES A comprehensive review of fiscal policies (internal/external), academic programs (general operating) and funding models for future growth will occur within the next year. Comprehensive review of fiscal policies (internal/ external) will be reviewed and updated annually. Academic programs (general operating) will establish a funding model that, in part, bases annual funding on SCH generation.
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