(Developed by ISU President Gregory Geoffroy, with advice from his Advisory Committee on Budget Priorities and Planning)

Sept. 26, 2004

1. Remain true to the strategic plan and to achieving Iowa State's goals of excellence in learning, excellence in discovery, and excellence in engagement.
2. Put the interests of Iowa State's students first and ensure the continued improvement in the quality of our educational programs and in sustaining the progress of students toward their degrees.
3. Budget reductions and enhancements must not be "across the board" since doing so is a recipe for mediocrity. Budget reductions must be focused on lower priority programs and activities. Budget enhancements must be directed to strategically important programs and initiatives.
4. Whenever possible, budget changes should be aimed at reducing administrative costs and operations while enhancing academic and student support functions.
5. Under the current budget climate, the university cannot be all things to all people. University administrators, faculty, and staff must have the courage to eliminate or consolidate programs, if real savings can materialize, in order to advance the quality of the university.
6. Significant budget changes should be developed in consultation with those both inside and outside the university community who will be most affected by those changes.
7. Continue efforts to increase and diversify sponsored funding and private giving as well as identify other new revenue streams.