Review panel endorses McMaster budget model, suggests governance changes
A review of McMaster’s budget model strongly supports the University’s Responsibility Centred Management approach to budgeting and the way it is implemented, while making suggestions on changes to the way the process is governed.
The panel, comprised of both internal and external members, was established by the Provost to review McMaster’s budget model, which has been refined and revised since first being implemented several years ago. It carefully considered the current budget model and its evolution.
In its report, the panel indicates strong support both for the RCM approach to budgeting and the way it is currently being implemented at McMaster. The panel does suggest some changes to the way the budgeting process is governed, with a call for greater involvement for the Faculty deans.
“I am pleased the review is complete and that it endorses the budget model and finds no need for substantive changes,” says Provost David Wilkinson. “The recommendations for some amendments to the governance process are important and will require input and feedback from stakeholders.”
McMaster has a long tradition of collegial and collaborative budget making. The University Budget Committee oversees the annual budget process. It reports to the University Planning Committee, a structure ensuring elected faculty members have a key role in vetting the budgets of both Faculties and support units.
“The report makes suggestions on governance but does not indicate how to provide deans with greater influence in budgeting without diminishing the authority of the university’s Budget Committee,” Wilkinson says. “We will need to think creatively to arrive at an approach that works for McMaster.”
The report is available on the Provost’s website.
It will be forwarded to the UPC for deliberation in open session.