Budget Model Review

Overview

The University’s budget is the mechanism by which operating funds are allocated to various divisions in the institution. As such, it is a key tool in the management of the University, particularly in enabling it to fulfil its mission and achieve its academic goals.

The annual budgeting process has been described in a previous PDAD&C memo. Key to the budget model’s success over the past 14 years has been its adherence to three principles:

  • Transparency (clear delineation of revenue and expense by division)
  • Incentives (local decision-making and allocations linked to performance indicators, revenues, and costs)
  • Engagement (consultation and review processes)

The current budget model was adopted in 2006 and was developed based on the recommendations of the Task Force to Review Approach to Budgeting. The first review of the new budget, conducted in 2011, concluded that the budget model was serving the University very well and that it required no significant change in direction at the time.

As provincial support for the University continued to decline as a share of total funding and began to shift toward performance-based metrics, the University launched a review of its budget model in 2018.

While proceeding along similar timelines and with some overlap in subject matter, the Tri-Campus Review and the Budget Model Review were separate processes that worked independently of each other. More information about both reviews can be found here and in governance reports throughout 2019-2020.

This work will ensure that the budget model continues to serve the University well into the future.

Steering Committee, Pillars, and Working Groups

The Budget Model Review was guided by a steering committee and included six working groups, each with a different mandate. The members of the steering committee included:

  • Cheryl Regehr, Vice-President & Provost (Co-Chair)
  • Scott Mabury, Vice-President, Operations and Real Estate Partnerships & Vice-Provost, Academic Operations (Co-Chair)
  • Christopher Yip, Dean, Faculty of Applied Science & Engineering
  • Melanie Woodin, Dean, Faculty of Arts & Science
  • Sally Garner, Senior Strategist, Operational Initiatives
  • Ed Iacobucci, Dean, Faculty of Law
  • Ulrich Krull, Vice-President & Principal, University of Toronto Mississauga
  • Trevor Rodgers, Assistant Vice-President, Planning & Budget

The five working groups were:

  1. Strategic Mandate Agreement (SMA) Implementation Committee
  2. Operational Excellence Working Group
  3. Alternative Funding Sources Advisory Group
  4. Tri-Campus Budget Relationships Working Group
  5. Inter-Divisional Teaching Working Group
  6. Budget Structure and Reserves Working Group (added in March 2019)

The review took place throughout 2018 and into 2019.

Questions about the Budget Model Review can be sent to provost@utoronto.ca.

Related Documents & Resources