The Finance White Paper’s proposals have been guided by the following principles:
All parts of the University have a responsibility for the financial well-being and viability of the University as a whole, now and in the future.
1. Financial information should be used to inform decision-making by transparently linking income, expenditure and funding.
2. Decisions should be made with awareness of current and future financial implications at departmental, divisional and University level.
3. Incentives should ensure the alignment of short, medium and long-term interests and encourage efficiency and effectiveness across the University.
Financial responsibility should be held at the lowest appropriate level.
1. Governance, decision-making and accountability should rest at the same level as financial responsibility.
2. Financial responsibility includes the compliant and sustainable management of income, expenditure & investment (the ‘as earned’ model).
3. The application of subsidiarity should take into account the importance of fairness and the need for appropriate standards of service and infrastructure across the University.