The NJIT Budget Model Redesign Project

Mission

The budget model redesign project will establish a new incentive- and resource-allocation based budget methodology that is decentralized and data-driven and which motivates creativity leading to new and enhanced revenue streams.

The new model, which will be collaboratively developed with broad representation will improve budget transparency and foster localized budget making and responsibility to ensure the university’s overall fiscal health now and into the future.

Guiding Principles and Goals

• Align revenues and expenditures with college and unit-level operations and our institutional strategic priorities.
• Incentivize resource growth and fiscal stewardship.
• Distribute resources using a predictable and clear simple methodology that allows for multi-year planning.

Anticipated Outcomes and Activities:

• Start budget development with anticipated revenues and build unit-level expense targets accordingly with unit-level discretionary reserves to support one-time new initiatives funding and budget contingencies.
• Improved forecasting and multi-year budgeting.
• Improved data-modeling for new and continuing enrollments by college.
• Align revenues and spending now and in the future with a multi-year fiscal sustainability plan.

Budget Model Development Status and Communication Plan:

Spring 2023: Budget Model Working Groups meet throughout the Spring semester to develop the key elements of the new Budget Model.

Communication Plan:

• Executive Budget Committee Alignment Meeting - 8/24/23 - Present the budget model that was developed through the Budget Model working group to the Executive Budget Committee Members
• President’s Council Meeting – 9/20/23 - Overview of the Budget Model Framework and Panel Style Q&A 
• Budget Model Working Group - 8/29/23 - Present revisions to the Budget Model based on feedback from the Executive Team
• Audit and Finance Committee - 9/21/2023 - Overview of Budget Model Framework
• Budget Managers Advisory Group - 10/18/2023 - Overview of Budget Model Framework
• University Senate Committee on Finances - 10/19/2023 - Overview of Budget Model Framework
• Faculty Senate Meeting - 10/24/2023 - Overview of Budget Model Framework
• Deans Only Meeting - 11/09/2023 - Deep Dive Into the new Budget Model
• Support Centers Leadership Meeting - Date(s) Pending - Deep Dive Into the new Budget Model
• Community Open Forums - Date(s) Pending
• Academic Leadership Committee - 12/05/2023