March 4, 2024
Dear Colleagues:
The Budget Model Redesign Initiative is in Phase 3: Design and the Steering Committee is providing regular progress reports to the University community during this period. All reports to campus are posted online at Budget Model Redesign Updates.
Direction from the Executive Sponsor Committee
The Executive Sponsor Committee has asked the Steering and Technical committees to be mindful of the following as they proceed with their work in Phase 3:
- A new budget should foster the key strategic priorities of the University which include student success, world-class academic and research programs, institutional competitiveness, outreach and impact around the state and world, and a commitment to elevating CSU as a national leader in fostering a healthy democracy.
- The Steering Committee’s work should inform the principles and processes determining the allocation of revenues and tuition funds. Among other considerations, the Steering Committee should examine what principles would guide the distribution of subvention funding for units (i.e., money distributed outside the formulas).
Steering and Technical Committee Updates
Our role is to help recommend a new budget model that seeks to advance the greater good for our institution as a whole, creates the best outcomes for our faculty, staff, and students who drive our success and are at the core of our mission, increases transparency and flexibility in fiscal practices, and enhances CSU’s institutional efficiencies and financial sustainability.
The Steering Committee has established four work groups to address the major components of a new budget model and identify strategic metrics within each. The Technical Committee has begun to look at sources of data that can support the strategic metrics that will emerge through the work of the Steering Committee.
We encourage you to stay engaged with this process and provide your feedback or ask questions by emailing us at budget_model@colostate.edu or through the Budget Model Redesign online feedback form.
The Steering Committee will host a hybrid open forum on the Budget Model Redesign Initiative in April (please note this was moved from March). We will share information on the date, time, location and a Zoom link after spring break.
Sincerely,
Steering CommitteeCSU Budget Model Redesign Initiative
About CSU’s Budget Conversation Series
Colorado State University is inviting all faculty, staff, and students to engage in two different yet simultaneous series of campus conversations and listening sessions around the institution’s budget. The first series of conversations focuses on the University’s current budget for FY23-24 and FY24-25, referred to as the operating or Incremental Budget.
The second series of conversations focuses on options for renewing our budget model for an innovative future in alignment with our land-grant mission and institutional priorities. The goal is to design a budget model that enables greater creativity and increased agility while improving fiscal responsibility and transparency in our financial decision-making processes. This is what is referred to as the Budget Model Redesign.