STRATEGIC GOAL III Strengthen planning, budgeting and assessment.

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Presentation transcript:

STRATEGIC GOAL III Strengthen planning, budgeting and assessment. Date: July 11-12, 2019 Presented by: Christy Graham

Objective 3.1: To use the Institutional mission statement as the foundation for all planning, budgeting, and assessment processes.

Objective 3.1 Budgeting for all units and the Institution demonstrates alignment with the Institutional mission, goals, objectives and strategic priorities. LMU’s mission served as the basis for all planning, budgeting and assessment practices during the 2018-19 academic year.

Objective 3.2: Prepare a balanced fiscal year operating and cash flow budget annually for Board of Trustees’ approval.

Objective 3.2 Each budget officer prepared annual budget. Budget Committee reviewed all budget request within their division, considering the institutional strategic plan. Approval received for the budget by the Board of Trustees.

Objective 3.3: To prepare a rolling five year operating pro forma and cash flow that reflects strategic institutional priorities, including academic, operational, and capital initiatives.

Objective 3.3 Current five year pro forma was evaluated and assumptions adjusted based on the current market and trends.

Objective 3.4: To provide budget for debt service, strategic initiatives, and contingencies.

Objective 3.4 The Board of Trustees approved the inclusion of an expense line for Strategic Initiatives/ Contingencies and Debt Service in the 2018- 2019 operating budget, as well as 2019-20 operating budget. Forecasts for operating revenues and expenses, as well as cash flows, were developed for the University. A systematic forecast review process continued to be utilized for FY19.

Objective 3.5: To enhance budget management.

Objective 3.5 Budget process for the 2018-2019 budget cycle continued to include all fiscal managers. Reviews of these budgets were completed between the fiscal manager and Finance. LMU anticipates ending the fiscal year in a positive year end position.

Objective 3.6: To plan and budget for resources appropriate to support Lincoln Memorial University as a Level VI institution.

Objective 3.6 Increased funding for research was approved in the 2019-2020 budget in several academic areas.

Objective 3.7: To utilize data to make informed decisions.

Objective 3.7 Processes for making essential data available to decision makers continued to be improved during 2018-19. Financial reporting data was further refined to allow more granular visibility into our revenues and expenses thereby increasing opportunity for more data based decisions by function. Revenue budgets for 2018-19 were created in a way to allow for semester, program or extended site financial reporting.

Objective 3.8: To document status of strategic goals in an annual progress report.

Objective 3.8 Each revision of the Institutional Strategic Plan includes a progress report for each strategic goal from the previous edition. Annual President’s Report to the Board of Trustees included material related to the fulfillment of institutional strategic goals.

Margin Analysis - University