Dear Campus Community:
The University is committed to transitioning to the new SRI (Strategic Resource Investment) incentive based budget model and has made great strides in this effort. Given THEC's most recent changes to the Outcomes-Based Funding Formula, we have decided to extend the SRI Budget Model's parallel year through fiscal year 2017 with a new "Go Live" date of fiscal year 2018. The THEC Outcomes-Based Formula was one of the key factors used in modeling the University of Memphis SRI structure and this extension will provide an opportunity to study the THEC formula changes, their impact on the SRI model, and to make appropriate adjustments if warranted. It will also allow implementation in coordination of the appointment of a new local governing board for the UofM, which will most likely occur with fiscal year 2018.
We will continue to partner with stakeholders to study and refine the model, as well as develop budget processes to ensure a timely and successful transition. We will continue to use our legacy budget model to prepare the upcoming FY17 budget, while we continue our efforts to transition to the new model the following year. We will also utilize the SRI committee recommendations received to date to prioritize any new funding requests for FY17.
Thank you for your continued efforts on this important initiative.
M. David Rudd | President
Distinguished University Professor