In Fall 2022, the University of South Florida launched an initiative to assess and design a new value and incentive driven university-wide budget model and approach that balances the budget and builds on the diverse, equitable, and inclusive culture at USF. This process, sponsored by the Executive Vice President and Provost and Senior Vice President and CFO, involved over 100 constituents across USF including senior university leadership across all campuses and USF Health, Deans, Vice Presidents, Fiscal Officers, and various faculty and staff. In addition to broad campus input, USF also leveraged intensive industry research, peer comparisons, and best practices in the design of a new budget model and corresponding practices.

The University will begin the transition to the new Responsibility Center Management (RCM) Budget in FY2025 and be fully live in the RCM model by FY27.