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11 > Image 11 of Minutes of the University of Kentucky Board of Trustees, 2011-12-13

Part of Minutes of the University of Kentucky Board of Trustees

-1]- President Capilouto thanked Ms. Martin, all members of the committee, and many other staff on campus who put in countless hours working on the Student Housing Development Plan. He said the Board and administration need to look for other unique partnerships involving donors, the state, and the University. He wants to continue the growth with UK HealthCare and other self-financing programs like Athletics as part of a finance program as the ambitious program of restoring campus is undertaken. With the assistance of an outside set of eyes, it is time to pause and take a close look to fully understand what the universitys full capacity is to borrow and build. President Capilouto reiterated that he has heard loud and clear across campus that people want greater transparency and a clearer system of financial accountability. He will be charging a group to develop what he is calling an integrative and transparent budgeting system that is reflective of the universitys priorities and mission. It will link revenue to productivity and quality and will assign cost according to how resources can be consumed. This greatly empowers colleges, which he thinks are the key academic units in providing academic homes for faculty to intemalize many ofthe strategic decisions that they must make for the long-tenn and on a day-to-day basis back to trusting the people. He has found that when people are empowered in this way, since they are closest to the decisions, they can make the best decisions. This is going to be a difficult undertaking, but this is a process the University will go through using people on campus and some outside support to help guide the way. Lastly, the University is certainly not just bricks and mortar, it is a reflection ofthe energy and talent of its most precious resource which is human capital. These questions will be addressed going forward to make sure that the best talent is recruited and retained at the University of Kentucky. President Capilouto outlined the process going forward for the University. He is creating workgroups of administrators, deans, faculty, and staff Guidelines will be established for each of these workgroups in tenns of a timeline. It will take 12 to 18 months to complete the work and implement everything, therefore, parts of it will have to be over a phased period. President Capilouto reported that he had shared all of this infonnation with the University Senate. He announced that he has made the decision to further engage the Huron Consulting Group, who has worked effectively with the University during the first few months of his tenure. They served as a staff to the University Review Committee and guided him with some fresh perspectives. This group will serve as a top team of analysts. They are authorities on best practices across universities around the country, and they have immense experience. What is best for the University of Kentucky must be defined. It cannot be borrowed from another university and inserted here. The hard questions must be asked amongst ourselves: What works best for our mission, priorities, and goals? Over a years period, this engagement could cost the University up to $1.2 million to have this expertise working alongside administrators and staff He said he would not undertake this kind of serious and expensive effort if he did not think it was needed. Everyone needs to be prepared to move quickly on many of these fronts.