UVM has recently approved a new budget model which has left many students confused, they say.

After a year-long discussion, the final report of the Incentive-Based Budget Model Steering Committee has gained approval.

The IBB model was published on the IBB website and “collaboratively addresses many of the shortcomings of our current budget model,” President Tom Sullivan stated in a memo to students.   

“Our move to IBB is not an attempt to curb any future budget shortfalls. Rather, it is a transition in budget model to more directly link strategy with resources” said David Rosowsky, provost and senior vice president in a 2013 interview.

“[The model] is transparent, clear and predictable. Importantly, it provides incentives that are crucial to the University’s long-term financial sustainability,” Sullivan stated  in the memo.

However, some students remain confused by the model.

“I honestly have no idea what an Incentive-Based Budget Model is,” first-year Sonny Monteiro said.

Senior Sara Griswold said she is curious about Sullivan’s impact on the budget.

“I think it was generous of him not to take a raise this year in order to contribute part of his salary to scholarships,” Griswold said.

The IBB model should have a positive effect on students, Griswold said.

“Any savings that can be realized will be directed toward UVM’s academic mission — our enterprise,” according to Rosowsky.

Sullivan and Rosowsky encourage student participation in order to refine and improve results, according to the memo.

“We are committed to assessing the model’s performance and refining it over time through an ongoing review process,” according to the memo.

The IBB website, developed in September 2013, allowed users to ask questions and suggest feedback, according to the IBB final report.

During the 2013-2014 academic year, over 150 meetings took place to discuss the model, according to the IBB final report. Ideally, the IBB model would lower tuition for all students and foster entrepreneurial thinking, the report stated.

“Anything we can do to keep our tuition competitive, we will do …  IBB will encourage creativity and innovation,” Rosowsky said in a 2013 interview.