UVM considering incentive based budgeting - WCAX.COM Local Vermont News, Weather and Sports-

UVM considering incentive based budgeting

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The University of Vermont is re-thinking the way it works its budget.

University officials are looking at the idea of introducing incentive-based budgeting.

The move would encourage departments to explore possible new revenue opportunities -- and allow them to keep a piece of what they bring in.

Examples could include community workshops, online and international programs that are in sync with a department's area of expertise.

"Under this scenario they would get a large share of the revenue generated and therefore they may be more creative, they may be able to help with the issue we're currently dealing with which is attracting more students," explained Richard Cate, of UVM Finance and Administration.

UVM plans to spend the next year researching how incentive-based budgeting is working at other schools before making a decision.

The move comes at a time when the University is turning to one-time funds to fill a nearly 8-million dollar budget shortfall.

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