On Monday, University of Iowa President Bruce Harreld delivered a report to the state Board of Regents about efficiencies and reallocations, TIER@Iowa, and the UI Strategic Plan.
“Efficiency and productivity go hand in hand,” Harreld said. “There’s a balance that must be struck which is built over years and, in fact, decades of work.”
Harreld said the goal of the strategic plan is to increase the UI’s quality to benefit students, the state, and the nation.
Part of the plan involves the UI’s plan to spend $11 million to $12 million each year over the next five years as part of the investment of $155 million to $165 million into faculty and student outcome programs.
Harreld said resources to support the strategic plan and managing expenses was a significant part of the UI’s budget process over the last year and actions the university has taken have made it 14.5 percent more efficient than its regent peers.
Harreld also discussed the Transparent Inclusive Efficiency Review program during his presentation. The goal of TIER@Iowa is to make the UI strong and sustainable in the long run through reinvesting in core academic missions.
Through focusing on TIER@Iowa, the UI has been able to reinvest approximately $16.6 million, which, Harreld said, has been important in the past fiscal year with the reduction in state support. He noted that the university remained able to continue having faculty salaries average in their peer group.
“Without these reinvestments, we would have undoubtable dropped again in the rankings and continue a slide that none of us want to see,” Harreld said.
To move toward excellence and implement the strategic plan, he said, choices must be made regarding tuition. He understands challenges related to increasing tuition, he said, and will focus on first-generation students and increasing need and merit-based aid.
“We will continue taking cost out and redirecting them to student success and research, but it’s now time, I believe, the board and the state to do their part in this equation,” Harreld said.
— Emily Wangen