Strategic Direction 5: Enhance Financial Stability & Stewardship
Pittsburgh Technical College will implement a business and financial model that will institute efficient and consistent policies and procedures to ensure accountability and support innovative business solutions for a diverse college environment.
SD #5 Work Group
Tuition dependent higher education institutions seek additional revenue sources
outside of academic programs through opportunities and ideas that leverage existing assets.
– 2019 Annual Higher Education Outlook
Launch a new business and financial model that incorporates the necessity of program profitability and alternative streams of revenue.
- Build a sustainable financial model that utilizes a transparent and collaborative budgeting process where resources are directed to strategic priorities.
- Ensure all areas of the College are operating efficiently and seek opportunities to contain costs through shared services and new technologies.
- Improve student success to ensure that the College is able to support the region and the public good created by the College’s education.
- Develop an entrepreneurial approach to partnering with local businesses, organizations, philanthropies, and community groups in ways that help sustain the College.
- Optimize the use of financial resources to improve infrastructure and operations.
Develop a comprehensive plan to expand College space utilization, facilities master-planning, information technology, and financial planning.
- Implement a plan for systematically upgrading the facilities and infrastructure.
- Expand campus space utilization, when feasible, for increased evening and weekend operations.
- Ensure the College’s continued financial stability through a review of current fiscal practices and the development of new financial strategies that will enable the College to react to abrupt changes.
- Develop strategic planning documents to support Information Technology and facilities planning to meet current and projected needs.
- Fortify the College’s data security systems to reduce the risk of loss and potential for malicious activities.
Pittsburgh Technical College will evaluate all service contracts and conduct a cost-benefit analysis to determine continuation.
- Conduct food service evaluation to determine best course of action resulting from challenges due to COVID-19.
- Further explore implementation of various food and service delivery models to support students and personnel.
- Streamline management systems and policies for better services and stronger results.
- Improve efficiency through top-performing administrative teams aligned with vision and mission.
- Establish automated and integrated infrastructure to support operations through a highly collaborative culture with enhanced core technology and data capabilities.
Pittsburgh Technical College will develop a comprehensive examination of campus and space utilization.
- Conduct a comprehensive space utilization evaluation and develop a plan to maximize utilization.
- Expand micro-certifications and associate and bachelor’s degree programs, where feasible, to evenings and weekends.
- Develop an institutional efficiency model and acquire benefits from energy audits and other industry enhancements to support Pittsburgh Technical College.
- Develop campus facilities plan, which considers the new requirements since COVID-19.
- Review, on a regular basis, all institutional contracts for consideration of renegotiations and implement a campus facilities lease protocol for revenue generation.
Pittsburgh Technical College will ensure sound financial practices that are accountable to stakeholders and which fairly allocate budget and resources.
- Examine current tuition pricing and fee structure to ensure cost of attendance remains competitive.
- Develop and launch new revenue streams that address strategic priorities, provide new net revenue, and utilize technology and data to advance operational effectiveness and business process improvement.
- Allocate funding based on strategic priorities, data analyses, and a well-researched funding model which includes ongoing cost-saving initiatives.
- Inclusive and Transparent Processes: Promote inclusive and transparent financial and budgeting processes by providing financial training, engaging stakeholders in financial planning, and sharing clear financial information and data.
- Compliance with Financial Standards: Review and implement a financial structure and auditing process to ensure compliance with local policy standards and applicable state and federal laws.