The Budget Transformation Initiative at Rice has marked a significant milestone by successfully completing Phase 1: Discovery. The journey so far has been inspiring and a testament to the power of collaboration and vision.
Phase 1: Discovery included a comprehensive exploration of the current budget model in an effort to identify potential improvement and growth areas. The team delved deep into data and gained valuable insights from the community through campus engagement activities and stakeholder involvement. The following list highlights the most notable accomplishments from Phase 1.
- The project's executive sponsors (Reginald DesRoches, Amy Dittmar, Kelly Fox, and Katrina Spencer) made significant strides by determining the initial design parameters for the new model, creating the overall governance structure for the project, and establishing clearly defined project goals and guiding principles.
- As part of the establishment of a robust governance model, a Steering Committee and Design Committee were established with the objective of ensuring key campus leaders and community members will be engaged in building the future state.
- In alignment with our guiding principles and commitment, a great deal of campus engagement occurred over the last several months during the initial phase. Presentations and updates were provided through a variety of venues such as the Admin Forum, Faculty Senate, and Board of Trustees meetings. Additionally, four interactive engagement sessions were hosted for the campus community with over 150 participants. Lastly, 35 interviews were conducted with more than 50 stakeholders from across campus. These efforts reflect the project team's commitment to actively involving the campus community and ensuring their voices are heard.
- An additional significant undertaking during Phase 1 was the collection and examination of over 200 budget-related documents. This analysis provided a comprehensive understanding of the current state of Rice’s budget model.
- Finally, an 18-month timeline was established that highlights critical milestones for this initiative and includes a detailed change management plan.
The completion of the Discovery Phase sets the stage for Phase 2: Model Design. Slated to commence in June 2023 and expected to run through February 2024, this phase will involve the Steering and Design Committees working together to design the new budget model. As with the first phase, we will continue to have ongoing engagement and feedback from university stakeholders.
The objectives for Phase 2 include:
- Building an actuals model
- Determining the organizational structure of the budget model
- Reviewing decision points with governance groups
- Customizing the budget model
- Continuing campus engagement and change management
Updates on Phase 2 will be provided to the campus community through email updates and on the Budget Transformation webpage as the new model begins to take shape.