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Goal # 8: Develop a Sustainable Financial Plan

Becoming one of the country’s premier public residential research universities requires a strong, modern business model. The reality is that the funding sources upon which we have historically relied are changing in dramatic ways, and UK must adapt its business model accordingly.

As we plan for 2014-2020, we must consider external factors that, in some respects, are beyond the university’s direct control. State appropriations for the university’s general fund have precipitously declined in recent years, and we cannot expect them to return to pre-recession levels. When adjusted for inflation, the drop in UK’s state funding since 2007-08 is 24 percent (Making Kentucky Stronger by Degrees, 2014). Meanwhile, federal support for research efforts has either declined or flattened.

We must also carefully examine the current resources, needs, and challenges of our campus. Many campus facilities are outdated and need to be modernized, but no state dollars are available for deferred maintenance or building operations. Similarly, our administrative infrastructure — while modernizing in some areas — remains largely decentralized, raising concerns about cost efficiencies and the quality of service provided to our students, faculty, and staff. To reduce costs and improve the effectiveness of operations and support services, we must proactively become more efficient as an institution.

Strategically increasing student enrollment is vital to our business model as we grow and diversify our revenue streams. Most significantly, the “see tomorrow” strategic plan contemplates substantial expansion in enrollment by 2020. The strategic plan also projects continued, targeted growth in non-resident student numbers as a percentage of the student body, while maintaining our focus on educating Kentuckians

The "see tomorrow." team is actively seeking feedback and input regarding the Strategic Plan. Throughout the months of April and May, portions of the plan will be released for campus-wide review.  Please review the latest draft of Goal #8 and provide your thoughts using the feedback form at the bottom of this page.

 

Angie Martin

Angie Martin is the University of Kentucky Chief Budget Officer. She serves as co-chair of Group #4: Transform the Campus, Brand and Infrastructure at UK.  
 

 

 

 

Michael Tick

 

Michael Tick is the Dean of the College of Fine Arts. He serves as co-chair of Group #4: Transform the Campus, Brand and Infrastructure at UK. 
 

 

Click here to view a video of the Town Hall focusing on Goal #8: Develop a Sustainable Financial Plan.

 

Members

  • Brad Allen
  • Phil Harling
  • John Herbst
  • Sharon (Sherry) Holmes
  • Greg Laur
  • Elizabeth Leibach
  • Gus Miller
  • Brittany Morgan
  • Danny Murphy
  • JoLynn Noe
  • Thalethia Routt
  • Sharon Turner
  • Susan West
  • Jay Zwischenberger

Comments for the Committee