(Aug. 31, 2018) – With the start of a new fiscal year tomorrow, UTSA President Taylor Eighmy today unveiled a new budget model that brings an innovative approach to managing institutional resources. The new budgeting process, called Incentivized Resource Management (IRM), is the result of a year-long effort by the Financial and Budget Modeling task force.
“[The new model] changes the very nature of the way we make financial decisions at UTSA, and I expect many of you will find its transparency to be refreshing,” said Eighmy, in an email sent today to UTSA faculty and staff.
UTSA has launched a new website devoted to IRM which shares—with the aid of videos featuring task force members—how the new budget model will help the university create a strong foundation for fiscal health while laying the groundwork for growth and innovation. UTSA faculty and staff are encouraged to peruse the site to gain an understanding of the model’s foundations and how it will impact them.
Details regarding the new model are also outlined in the Finance and Budget Modeling initiative final report. Under the university’s new governance structure, the model will be evaluated for its effectiveness over time and will undergo appropriate adjustments as UTSA grows.
With the issuance of this report, the Finance and Budget Modeling initiative transitions into implementation mode. During FY 19, UTSA will run the IRM model in parallel with the existing budgeting system, giving the university time for learning curves and modifications before the full transition to IRM in FY 20. Throughout that process, questions or concerns regarding IRM can be sent to [email protected] for response by a relevant member of the implementation team.
As chair of the task force overseeing the development of the IRM model, Vice President for Business Affairs Kathy Funk-Baxter will stay at UTSA beyond her announced retirement date of September 30 to oversee the implementation of the new budget model until the university has selected a new Vice President for Business Affairs. During this transition period, UTSA will also continue to retain consultants at Huron to assist with the development of the budget and review processes.
“This will be a year of new beginnings, and IRM represents just one of the many ways we are heading full force into UTSA’s newest chapter,” said Eighmy. “My sincere thanks to all those involved in implementing the model and adapting to our new budgetary practices. All the hard work will make it possible for UTSA to excel in the decade ahead.”
