WKU’s Board of Regents on Friday approved a $383.4 million budget for fiscal year 2023, an increase of nearly $8 million compared to the prior year’s budget. The budget includes a 2% salary pool to address cost of living increases, pay gaps and inversion, remedy compression, and reward performance.
The fiscal year 2023 budget marks the university’s full transition to a Resource Allocation, Management and Planning (RAMP) budget model. RAMP is an approach that uses the principles of responsibility-centered management (RCM) and is a financial management philosophy that supports decentralized decision-making and rewards the performance of campus units.
WKU President Timothy C. Caboni noted that the transition to a RAMP model provides significant benefits to the institution. “I’m proud of the transparency it creates for the entire campus. This is a tool for growth that serves us well going forward,” he said.