The University of Wisconsin-Milwaukee has a balanced budget for the first time since 2012, Chancellor Mark Mone announced in his annual fall plenary address Thursday.
In fact, the current budget is shaping up to be the best it’s been in the last decade, Mone added. The university achieved this feat through strategic position control and is transitioning to a new budget model that will incentivize UWM’s strategic initiatives.
It’s welcome news because the population of students finishing high school is not expected to rise until 2035. And students, Mone noted, are UWM’s lifeblood. Upward of 80 percent of the university’s funding now comes from tuition revenue.
The Wisconsin Legislature gets its first look at the 2019-21 biennial budget request in January, and the UW System Board of Regents will be making a pitch for an increase in state support.
Again, compensation will be part of the request.
“We have a 4 percent pay plan underway in the current budget, andwe’re asking for more in the next biennial budget,” Mone said, adding that it’sa top priority.
Adding to the university’s brighter outlook is the $205.3 million raised during the “Made in Milwaukee, Shaping the World” campaign, breaking all previous fundraising records. When it launched in 2014, the goal was $175 million. The campaign has been so successful, it will continue through June 2019.
Another sign of positive momentum, said Mone, is the appearance of UWM in several rankings.
One is the index of the top 500 research institutions in the world by the Academic Ranking of World Universities, also known as the Shanghai Ranking. UWM is back on the list for the first time since 2011.
Improving UWM research and the student experience has required strategic partnerships that
are student-centric, future-focused and reach across disciplines, and aim to support the needs of employers.
“What employers say they need are those who think in …