Guiding Principles
The steering committee developed the following guiding principles to define and govern UToledo’s budget and planning philosophy. These principles will not only guide the institution as it creates a new approach to the budget philosophy but will also be utilized once implementation is complete to inform future budgetary discussions.
University of Toledo’s Guiding Principles establish that the University’s approach to budgeting and resource allocation should:
- Promote healthy fiscal performance, creativity and innovation by providing incentives and flexibility to University units.
- Establish reliable, short and long-term fiscal expectations that allow units to actively plan for and manage to multiple budgetary years.
- Allocate resources to mission-centric offerings with an eye on promoting a university-wide culture that is collaborative and data-driven.
- Utilize a transparent budget methodology that is clear, precise and simple to understand and operationalize.
- Ensure there are open lines of communication with campus stakeholders, including faculty, staff and students as it relates to model methodology, processes and management.