When President Reveley took office in 2008, he launched a strategic management process, based on an evolving five-year plan. The process produces an updated strategic plan and a budget that reflects strategic priorities. A Planning Steering Committee, co-chaired by the Provost and the Vice President for Strategic Initiatives & Public Affairs and including faculty, staff, administration, student and alumni representatives, guides the planning process, tracks progress using a university-level dashboard, participates in the establishment of budget priorities, recommends annual updates and tracks implementation. The co-chairs coordinate with the Board of Visitors Committee on Strategic Initiatives and New Ventures and update the Board on planning progress throughout the year.
Each summer we update a six-year financial plan based on the priorities reflected in the strategic plan. The financial plan projects expenditures and anticipated revenues. The Board of Visitors approves the financial plan each September and submits it for review in Richmond.
The strategic management process engages all parts of the W&M community. The framework includes goals and implementation steps for addressing each challenge. Implementation includes assignment of responsibility for each objective, development of specific metrics to track outcomes and reports of performance against objectives. As a result, our planning and financial processes are more transparent and focused on strategic priorities.