Inside Iowa State

Oct. 19, 2007

FY08 budget simulated with Resource Management Model

A key step in implementing Iowa State's new Resource Management Model was completed earlier this week, when a central budget team took the university's current (FY08) budget and restated it using the principles and practices of the new budget model.

"The budget for FY2008 continues as it was created," said Ellen Rasmussen, associate vice president for budget and planning. "The restatement is an 'offline' version of the budget. It is a tool that allows administrators to see how the budget would look with the Resource Management Model."

Beginning Oct. 22 and continuing through mid-November, the vice presidents, college deans and other leaders of top-level units in the new model, along with their budget officers, will have individual meetings with members of the budget team. They'll review what their respective budgets look like using actual FY08 numbers and the Resource Management Model.

"In general, these leaders are familiar with the restatement process," Rasmussen said. "Their budgets for the previous three fiscal years have been restated and shared with them during individual sessions in fall 2006 and spring 2007."

However, since then, dozens of details of the Resource Management Model have been finalized through an open review process of recommendations. These recommendations are online. For example, the current restatement reflects decisions made about distributing benefits (approved recommendation No. 3), utilities billing (No. 12) and utility rebate (No. 15).

The team that built the restatement also will generate quarterly reports that compare actual budgets to projected budgets under the new model. First-quarter reports should be available to unit leaders in November.

The Resource Management Model provides a framework for how the budget operates at the university level. Information on development and implementation of the model is available online via the "Budget and Planning" link from the Office of the Provost Web site. It is continually updated.

University budget leaders also are hosting monthly brown bag lunches to provide updates and answer questions. The next one is scheduled for Nov. 14 in the Memorial Union Campanile Room.

University budget leaders will hold individual meetings with leaders from these units in October and November:

• All academic colleges
• Information Technology Services
• Library
• Office of Business and Finance
• Office of Extension and Outreach
• Office of Research and Economic Development
• Office of Student Affairs