In December 2008, the University Budget Committee established seven guiding principles with regard to the institution's budget for 2009-2011. They are as follows:
- Everything is on the table
- Protect people to the extent possible
- Maintain student access without compromising quality
- Emerge from the financial crisis as a stronger institution and as quickly as possible
- Strategic priorities should guide the decisions
- Decisions should be mission-driven
- Diversify financial resources where possible and increase efficiency and productivity
Subsequently, the University’s senior leadership team, including deans, chancellors and vice-presidents, developed four criteria by which budget decisions should be made. Such decisions should:
- Focus on the role of the research university
- Enable the creation of new discoveries (both basic and applied)
- Move us toward AAU-like status
- Sustain excellence