Budget Model Redesign

Description

The budget model redesign project has created an innovative framework for tracking expenses and campus investments that has added over $75M in annual spending detail to our budget, improving forecasting and fund balance management. Also, ~$3M in additional, unrestricted state funds have been freed up by utilizing a more equitable fringe benefit cost recovery model. 

AMP continues to be involved as we lead the redevelopment of the UMD budget tool (BPM), enabling alignment with security requirements.

Goals & Outcomes

• Development and implementation of fringe benefits budgeting program
• Implement comprehensive budgeting methodology campus-wide 
• Complete “cost of education” data analysis to better understand the efficacy of our resource allocation model